5 August 2021
NY Green Bank, the largest of its kind in the nation, has completed a $314 million private capital transaction with Bank of America (BofA), a first for NY Green Bank and the largest private deal by a green bank in the U.S.
The funding will enable NY Green Bank to accelerate and expand investments in clean energy projects in support of New York’s aggressive energy and emissions goals, including 70% electricity from renewables by 2030 and zero-emissions electricity by 2040, as outlined in the Climate Leadership and Community Protection Act (CLCPA).
A number of other states have established green banks as well. Green banks drove a total of $1.69 billion investment in clean energy projects in 2020, according to the Coalition for Green Capital’s annual green bank report.