NY Green Bank has released its Quarterly Metrics Report in which the institution has announced record-setting second and third quarters in 2020, helping the state to rebuild its economy from COVID-19 whilst addressing climate change.
Despite the devastating effect of covid-19 on economies, NY Green Bank says it has managed to remain on track on climate action financing.
The bank executed 16 clean energy and sustainable infrastructure transactions representing $165.9 million in new investments in the second and third quarters.
The transactions brought the bank’s total commitments to $1.1 billion.
These commitments are expected to spur up to $3 billion in clean energy investments and help New York to achieve its goal of 100% zero-emission electricity production by 2040.
NY Green Bank’s unprecedented third quarter follows its strongest second quarter to date.
NY Green Bank generated $13.4 million in revenue during the second and third quarters, bringing its cumulative total revenue since inception to $100.2 million.
The revenues allow NY Green Bank to remain self-sustaining while reinvesting capital back into future clean energy projects.
Projects supported by NY Green Bank’s investments to date are expected to reduce between 11.6 and 21.7 million metric tons of greenhouse gas emissions for all New Yorkers, equivalent to removing more than 200,000 cars off the road for 24 years.
Projects financed across the state in 2020 during the COVID-19 crisis included wind farms, community distributed solar plus storage, renewable and energy efficiency projects to benefit low- and moderate-income communities, fuel cells, and more.
To remain responsive to changing financing needs in the clean energy market, NY Green Bank also developed the following financing solutions to address COVID-19-related issues:
- Allow deferral on loan repayments for borrowers in good standing that demonstrate hardship related to COVID-19 and that they will use added liquidity for payroll purposes;
- Finance interconnection deposits to eligible large-scale renewables and community distributed generation developers with corporate guarantees and/or a pledge of assets as collateral; and
- Restructure financing to enable borrowers to secure federal or state stimulus funding.
To further support clean energy and sustainable infrastructure business during COVID-19, NY Green Bank became an approved lender under the U.S. Small Business Administration’s Paycheck Protection Programme and issued four loans to businesses that reduce greenhouse gas emissions in New York State.
Alfred Griffin, president of NY Green Bank, said: “Throughout the pandemic, NY Green Bank has remained committed to ensuring that the momentum of clean energy deployment in New York State holds strong.
“We have provided liquidity to the market through challenging times and will continue to do so in a prudent relationship-driven manner.”
Doreen M. Harris, president of NYSERDA said, “Under Governor Cuomo’s leadership and vision for a carbon-neutral economy, NY Green Bank continues to make investments that stimulate the development and scale-up of clean energy resources. These investments demonstrate that we are making significant progress to realize an equitable clean energy future, as well as send a clear signal to private developers and investors that New York State is a strong market for green innovation and economic development.”