Governor Cuomo announced the Opening of the new Green Bank. According to the press release the Bank is "seeking proposals from private sector lenders, investors and industry participants that facilitate the financing of creditworthy clean-energy projects in New York State."
The Green Bank is supposed to add private capital to public moneys collected by the New York State Energy Research & Development Authority (NYSERDA) to provide an additive effect to the public funds and minimize the need for state green energy subsidies. As reported previously, the Public Service Commission approved using uncommitted NYSERDA (New York State Research & Development Authority) funds for the Bank as reported by the Albany Times Union.
A Request for Proposal seeks industry participants and financial institutions to propose financing proposals in which the Bank can help facilitate private financing in situations where such financing may otherwise not occur. Proposers could be "energy service companies, developers, equipment manufacturers or others that provide equipment, materials and/or services related to renewable energy and energy efficiency projects,” along with various finance institutions. The projects could be of the solar, wind, or other renewable energy and energy efficiency varieties.