NY Green Bank has issued a request for proposals (RFP) to evaluate strategies for raising, investing and managing at least $1 billion in third-party capital to support New York’s clean energy goals.
According to NY Green Bank, a division of the New York State Energy Research & Development Authority (NYSERDA), the RFP marks an important step in its previously announced intention to expand the availability of financing for clean energy projects both within and beyond New York State.
“Today’s announcement signals to the marketplace that we are moving forward with our efforts to raise third-party capital to invest in New York and beyond and that we seek the best guidance possible in accomplishing these objectives,” says Alfred Griffin, president of NY Green Bank. “We look forward to delivering even greater clean energy benefits to New Yorkers through greater capital availability and reduced costs, all while demonstrating that sustainable infrastructure can be both green and profitable.”
Through the issuance of a new RFP for Strategic Advisory and Capital Arranger Services, NY Green Bank seeks to bring on a firm – or group of firms working together – to evaluate potential fund structures, market participants and execution strategies and, ultimately, to execute the capital raise itself.
NY Green Bank’s exploration of opportunities to manage third-party capital for investment within the state and in broader markets was first announced during Climate Week in September. Then, in October, NY Green Bank announced it would seek at least an additional $1 billion in a future RFP. Access to additional funds will enable NY Green Bank to broaden the scope of investable projects and increase the amount of clean energy that will be deployed for every public dollar invested. It will also support Gov. Andrew M. Cuomo’s goal of 50% renewable energy by 2030, says NY Green Bank.
“Governor Cuomo is providing much-needed leadership in demonstrating that his ambitious energy and climate initiatives will provide substantial economic and environmental benefits in New York and beyond,” says Alicia Barton, NYSERDA’s president and CEO. “NY Green Bank’s efforts to seek third-party capital to mobilize at least $1 billion of additional investment in clean energy project deployment will accelerate our efforts to build a cleaner, more sustainable energy system for generations to come.”
More on the RFP can be found here.