Opening of New York State's Green Bank Creates a New Source of Financing
for Clean Energy Projects as It Issues Its First Request for Proposals
February 6, 2014
The $1 billion New York Green Bank initiative opened for business on February 5, 2014. The New York Green Bank, initially capitalized with $210 million in funding in December 2013, will partner with private-sector institutions to provide financing for qualifying clean energy projects and to accelerate clean energy deployment in the state of New York.
In its first request for proposal (RFP)1, the New York Green Bank invites clean energy industry participants—such as developers, energy service companies, owner/operators, and equipment manufacturers—as well as private-sector capital providers, including financial institutions or other third-party capital providers, to propose partnership arrangements with the Green Bank that would facilitate the financing of qualifying clean energy projects in New York.
Proposed projects, including those related to energy generation and energy savings, may include a wide range of commercially proven technologies, such as:
- solar PV and thermal
- onshore and offshore wind power
- fuel cells
- biothermal energy
- liquid biofuels
- tidal/ocean power
Nuclear, municipal solid waste combustion, and adulterated biomass or biofuels are excluded.
According to the RFP, the New York Green Bank may consider supporting the financing of projects using other technologies if the proposers "demonstrate a potential for increased deployment of energy efficiency or renewable energy and/or a potential for greenhouse gas reductions in New York State."
In the energy efficiency sector, comprehensive projects that result in comprehensive energy consumption improvements will be emphasized.
The open, ongoing nature of this RFP and its broad range and flexibility present a unique opportunity to obtain financing for qualifying clean energy projects in New York State.
The New York office of Wilson Sonsini Goodrich & Rosati will continue to remain current on all aspects of the New York Green Bank initiative. For more information about or assistance with the RFP, please contact Charlotte Kim at (212) 453-2888 or firstname.lastname@example.org.
1 Available at http://greenbank.ny.gov/RFP1.aspx.