Late yesterday the administration of New York Governor Mario Cuomo announced that the states green bank had closed on four transactions, including funding for solar companies Mosaic and Sunrun.
NY Green Bank is participating in a consortium of lenders that is providing US$340 million to third-party solar company Sunrun. Additionally, the bank is participating in a transaction with a German bank to provide up to $200 million for crowdfunding solar finance company Solar Mosaic.
The Cuomo Administration notes that while these companies can do business anywhere, the funding it is providing will result in up to 6,200 residential PV projects in the state.
NY Green Banks participation in both of these national facilities is structured to direct NY Green Bank proceeds to New York-based projects," explains NY Green Bank Chief Operating Officer Caroline Angoorly. "The 6,200 solar projects, as a proportion of the total number of projects expected to be completed by Mosaic and Sunrun, correspond to NY Green Banks commitment as a proportion of all capital involved in these transactions.
Additionally, NY Green Bank is working with renewable energy project developer BQ Energy to establish a standardized approach to construction and post-construction project finance which it says will assist businesses which have had difficulty accessing financing due to lack of scale and/or insufficient credit ratings.
BQ Energy is currently developing a solar project on a landfill in Patterson, New York, which the Cuomo Administration says is the first in up to eight projects in a $30 million portfolio which will benefit from the approach.
The Green Bank also closed a transaction with a energy software company specializing in energy upgrades for homeowners.
Update: This article was modified on May 13, 2016 at 2:20 PM Eastern Time (U.S.) to include comments from NY Green Bank.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.