The New York State Energy Research and Development Authority (NYSERDA) has filed a petition with the New York State Public Service Commission (PSC) to initiate capitalization of the New York Green Bank.  As proposed by Governor Andrew Cuomo in his 2013 State of the State address, the Green Bank seeks to accelerate the development of clean energy projects throughout New York State—such as offshore utility-scale wind projects, large and small storage, electric vehicle infrastructure, and renewable energy projects—by leveraging private sector capital currently unavailable to the industry.  The petition seeks approximately $210 million for initial Green Bank capitalization from existing but uncommitted resources collected through PSC programs including the Renewable Portfolio Standard, System Benefits Charge, Energy Efficiency Portfolio Standard, and Regional Greenhouse Gas Initiative.  It is anticipated that NYSERDA’s petition will be published in the New York State Register and subject to the minimum 45-day comment period.  Anyone interested in this proceeding is encouraged to submit comments.

The petition for Green Bank funding and other recent filings with respect to solar programs indicate a new direction for NYSERDA.  Perhaps the most notable indication of change came on September 12, 2013, when Governor Cuomo recommended that the NYSERDA Board appoint John B. Rhodes as president and chief executive officer of NYSERDA, replacing President Francis J. Murray, Jr., who has served in that capacity since 2009.  Mr. Rhodes has a strong background in energy and finance and was most recently the director of the Center for Market Innovation (CMI) for the Natural Resources Defense Council.  The recommendation of Mr. Rhodes to lead NYSERDA complements several recent key energy appointments, which began in January when Governor Cuomo appointed Richard Kauffman as chair of Energy and Finance for New York.  With Senate confirmation, the governor then appointed both Audrey Zibelman and Diane Burman as commissioners of the PSC, after which the governor designated Audrey Zibelman as chair of the PSC.

The petition may be found here.

The correlating press release from the Governor’s office may be found here.