NY Green Bank has released its financial results for the second quarter of 2019, showing the division’s investment portfolio reached $786.7 million during the period.
The investments are expected to result in emissions reductions of between 9.6 and 16.4 million metric tons, equivalent to removing as many as 164,000 cars off the road for 23 years.
In total, NY Green Bank has invested $2.14 billion statewide.
The investments made by the bank support the state’s Green New Deal which provides a roadmap for the region to reduce its carbon emissions by 85% by 2050.
Investments made by NY Green Bank during the quarter include:
- $27.1 million made in residential solar firm Spruce. The firm owns 235,000 solar systems across 11 US states.
- $6 million loan given to Agbotic to support the deployment of controlled environmental sustainable agriculture assets.
- $15 million made in Ecosave to support energy efficiency adoption amongst commercial consumers.
- $1 million loan given to Distributed Sun to support the deployment of community solar projects.
NY Green Bank president, Alfred Griffin, said: “NY Green Bank continues to expand its reach into new and growing asset classes such as community distributed generation, energy efficiency, and controlled environment agriculture. We are pleased with our second quarter results and look forward expanding our reach to help advance state goals under Governor Cuomo and to supporting more qualified projects to increase renewable energy in all sectors in the months ahead.”