Last Tuesday, Gov. Cuomo announced the launch of the state’s $1 billion New York Green Bank initiative “to leverage private sector financing for clean energy projects that create jobs and help make New York’s communities more sustainable.” The program is targeted at alleviating financial barriers to underserved markets.
Once NYSERDA’s initial petition is approved by the PSC, the state’s Green Bank is expected to offer its initial financial products in early 2014.
Gov. Cuomo said:
“Through the New York Green Bank, we will leverage public dollars to attract private sector investment into building a new clean energy economy that will help make our state greener and create jobs. New York State has a track record of being at the forefront of environmental and energy policy innovations. As a public-private partnership, the Green Bank will implement a pioneering approach that strategically and efficiently uses limited state resources to drive investment into critical areas of the economy. With this initiative, we will promote job growth and business development, improve resiliency and air quality, and lower costs for consumers while providing them with greater choices and value for their money.”