NY Green Bank provides financing to Mosaic and Sunrun

Late yesterday the administration of New York Governor Mario Cuomo announced that the state’s 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 Bank’s 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 Bank’s 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.