NY Green Bank committed US$31.25 million to the recapitalization of a portfolio of wind farms by BlackRock Global Renewable Power Fund II, including a 55.35 MW project in New York State. NYGB’s participation in this transaction – alongside other commercial banks – supports the long-term financing of a large scale renewable project in NYS that has merchant exposure, as well as the secondary market for assets of this type. The existence of a robust secondary market supports even greater development of large scale renewables through the availability of greater sources of capital interested in investing in this asset class. In addition, NYGB’s involvement in this transaction contributes to ratepayers’ greater energy choices, and ultimately, lower-cost clean energy opportunities.
