NY Green Bank announces USD 49m of clean energy deals in Q2

Solar system, New York. Author: Evan O'Neil. License: Creative Commons, Attribution 2.0 Generic

August 15 (Renewables Now) - NY Green Bank has recorded USD 49.1 million (EUR 44m) оf clean energy financing transactions in the second quarter of 2019, the state-backed institution said on Wednesday.

The latest four deals announced in the second quarter bring the bank's overall portfolio commitments to date to USD 786.7 million. The USD-1-billion NY Green Bank is focused on increasing investment in the clean energy sector and supporting the state's target for 70% of its power to come from renewables by 2030 and have carbon-free electricity by 2040.

The second quarter included four deals, the largest one of which was worth USD 27.1 million. As part of it, NY Green Bank committed the particular sum to the recapitalisation of a portfolio of residential solar assets owned by Spruce Finance Inc. Additionally, it provided a USD-6-million construction-to-term loan to agritech company Agbotic Inc for the deployment of controlled environment sustainable agricultural assets in New York state; USD 15 million in debt were provided to Ecosave Inc for energy efficiency and distributed energy resources projects; and a USD-1-million bridge loan was extended to Distributed Sun to support the deployment of 45 MW of distributed generation solar capacity.

According to NY Green Bank’s Quarterly Metrics Report, its up-to-date financing commitments are expected to mobilise between USD 1.82 billion and USD 2.14 billion in investment in clean energy projects across the state.

(USD 1.0 = EUR 0.897)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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