New York Green Bank Grows As Clean Energy Funding Source

October 01, 2019

Nearly seven years after New York Governor Andrew M. Cuomo’s 2013 State of the State message, in which he called for the creation of a “bank” that would leverage public dollars with private sector matched money to spur the clean economy, and only about five years after the New York Public Service Commission (PSC) granted the petition of the New York State Energy Research and Development Authority (NYSERDA) to establish and provide the initial capitalization for the New York Green Bank (NYGB), the NYGB has become a significant player in clean energy finance throughout the state.

As the NYGB explains on its website, it works with private sector lenders to provide developers, property owners and property managers, energy companies, and businesses involved in clean energy related infrastructure projects the opportunity to obtain funding when they are unable to do so from more traditional lenders. Having a working familiarity with the NYGB and its goals and operations may help attorneys best advise their “green” clients on obtaining the financing they need for their operations.

Charlotte A. Biblow can be reached at cbiblow@farrellfritz.com.

Reprinted with permission from New York Law Journal, Thursday, September 26th, 2019, Vol 262 – No. 62

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