The NY Green Bank, which is financing microgrids, solar, wind and a range of other green energy projects, has beat its financial goals for the year, according to a report issued late last week.
The public/private fund generated $2.7 million in net positive income for 2016/17, with revenue exceeding costs one year ahead of expectations.
In all, the green bank invested $291.6 million for 19 projects, valued over their lifetime at $1.1 billion, according to an annual review by the New York State Energy Research and Development Authority (NYSERDA), which oversees the program.
The bank’s original investment goal for the fiscal year had been $200 million.
The green bank now has $346 million and by March 2018 hopes to grow its fund to at least $550 million (cumulative) and invest in projects valued at $1.65 billion.
“We’re pleased by the accomplishments we’ve achieved as an organization, and the positive net income and transaction execution milestones send a strong signal to the marketplace that sustainable infrastructure provides attractive investment opportunities,” said Alfred Griffin, NY Green Bank president.
The program’s portfolio of projects is expected to amount to 217-341 MW of installed capacity, as of the end of March 31, 2017. It includes 162 MW of projects for the residential sector and 19 MW for commercial and industrial, municipal-university-school-hospital and community distributed generation. The remaining 36 MW represents various other kinds of projects.
In all, the green bank has received more than $2 billion in proposals over its three-year history.
In an introduction to the annual report, Griffin said that the NY Green Bank expects its project portfolio over the next nine months to include microgrids, energy efficiency, wind, solar, fuel cells, storage, community distributed generation, sustainable transportation, and LED streetlighting.
For microgrids, the NY Green Bank plans to facilitate up to $50 million per project in financing assistance for Stage 3 of the NY Prize. The money is in addition to $40 million NYSERDA is granting to community microgrids through the three-stage competition. Of that, the NY Prize already has awarded $100,000 to 83 projects for Stage 1 feasibility studies and $1 million for 11 audit-grade engineering and business plans, constituting the first two stages of the competition. Stage 3 applications, tentatively due in April, will focus on awards to assist with project buildout.
Formed in 2014, the NY Green Bank is part of the state’s 10-year, $5 billion Clean Energy Fund, designed to seed private investment in clean tech.
NY Green Bank investments to date are expected to reduce greenhouse gases as much has 6.4 million metric tons, equivalent to removing between 50,000 and 70,000 cars from the road for a period of 20 years, according to the annual report.
“New York is taking aggressive action to reduce our carbon footprint, and through the nation’s largest green bank, we continue to invest in smart growth strategies that will help make our communities cleaner, greener and stronger than ever before,” said Gov. Andrew Cuomo. “As the federal government continues to sidestep funding and support of critical clean energy programs, New York will continue to lead the fight against climate change, while working with communities across the state to ensure sustainable initiatives support future generations of New Yorkers.”
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