Commercial, Finance, Industrial, Solar, Sourcing Renewables  -  May 16, 2016

NY Green Bank to finance 8 large solar installs for commercial, industrial businesses

The NY Green Bank recently closed four new transactions that are expected to generate up to $220 million in clean energy projects, including eight large, ground-mounted solar installations for commercial and industrial energy users. 

New York Gov. Andrew Cuomo's office made the announcement May 12; the deals are also expected to support more than 6,200 residential rooftop solar installations and 400 residential energy efficiency projects.

"New York is a national leader in combating climate change and investing in clean energy technology to grow the state’s economy," Cuomo said in a news release. "These projects will not only help to reduce greenhouse gas emissions and protect the environment, but ensure the state continues to reach its ambitious goal of 50% renewable energy by 2030." 

The transactions include a landfill solar installation done through a NY Green Bank partnership with BQ Energy, a renewable energy project developer that specializes in solar development on landfills, which are often unsuitable for other development.  NY Green Bank and BQ Energy, according to the release, have established a standardized approach to construction and post-construction project finance that will broaden the availability of solar to businesses that have had limited access to financing due to lack of scale and/or public credit ratings.

The Governor's office says the NY Green Bank transactions — along with those closings previously announced — are advancing the state's Reforming the Energy Vision strategy by facilitating increased private sector financing of clean energy projects.