NY Green Bank has announced the closing of its first private capital raise from the Bank of America, which has made an investment of $314 million (£226m).
The financing will enable NY Green Bank to invest in more clean energy and sustainable infrastructure projects across the state, in support of New York’s goal to reduce emissions by 40% by 2030.
NY Green Bank is sponsored by New York State that provides capital to project developers, building owners, property managers, energy service companies and other sustainable infrastructure market participants for economically and technically viable projects, especially where funding from traditional financiers may not be available.
It has made an overall investment of $1.6 billion (£1.15bn) as of June 2021, with the projects expected to result in greenhouse gas emissions equivalent to removing around 300,000 cars from the road for 24 years.
Andrew Kessler, Acting President, NY Green Bank said: “NY Green Bank is proud to have built a portfolio that is attractive to private sector capital providers. This transaction demonstrates that we have achieved our goal of increasing private sector activity in clean energy markets and leverages that progress to fuel our focus on new areas where market transformation is still needed.
“This is a natural step in NY Green Bank’s continued evolution and will allow us to advance our goal to put as much capital as possible to work in disadvantaged communities and other priority areas in the coming years.”