NY Green Bank committed US$6.0 million to finance the construction and operation of a cluster of energy efficient robotic greenhouses developed by Agbotic, Inc. The Project is located in Sackets Harbor, NY and will grow certified organic produce for sale into local markets, while the Project’s energy efficiency measures and on-site generation are expected to reduce greenhouse gas emissions. This is NYGB’s first investment in a controlled environment agricultural asset as part of its ongoing efforts to create and expand new asset classes of sustainable infrastructure investments. The transaction creates an important precedent in the CEA sector and signals to the market that project financings are available to experienced CEA producers with high-quality assets.
