NY Green Bank (NYGB) is a state-sponsored specialized financial entity whose mission is to accelerate clean energy deployment in New York State by working with the private sector to transform financing markets. The USD 1.0 billion state-sponsored specialized financial entity was launched in 2014 and works with the private sector to alleviate financing gaps in New York’s clean energy markets. NYGB one of the main pillars of Governor Andrew M. Cuomo’s Reforming the Energy Vision (REV) strategy to help consumers make better and more informed energy choices, enable the development of new energy products and services, protect the environment and create new jobs and economic opportunity throughout New York State. Specifically, NYGB is a key component of the Clean Energy Fund (CEF), a 10-year, USD 5.3 billion commitment by New York State to advance clean energy market growth and innovation while reducing ratepayer collections and driving economic development.

The initial capitalization for NYGB’s establishment was issued by the New York Public Service Commission (PSC) and approved in December 2013 through an Initial Capitalization Order providing NYGB with $165.6 million to begin its operation. The funding included USD 44.7 million from emission allowances sales under the Regional Greenhouse Gas Initiative (RGGI). On July 16, 2015 the PSC authorized NYSERDA to reallocate uncommitted NYSERDA funds totaling USD 150.0 million to support NYGB investments and on January 21, 2016, NYGB’s full capitalization at USD 1.0 billion was authorized by the PSC, pursuant to the CEF order.

NYGB works with private sector industry participants — including financial institutions and other third party capital providers, as well as developers, energy service companies (ESCOs), project and property owners/operators, equipment manufacturers, and others — to provide financing for clean energy projects. NYGB’s target clients and counterparties are entities that are experienced and achieving success in clean energy markets but whose ability to accelerate clean energy deployment is effectively limited by capital constraints for the type of projects being considered. NYGB works with project sponsors and financial institutions to deploy proven technologies and projects in renewable energy and energy efficiency. These are technologies and applications in projects that are in demand by clients and their respective customers, are economically viable, and can support a commercial cost of debt, but for which debt capital is not readily provided by the markets due to existing barriers.

NYGB is a critical piece of New York’s energy transition, and a key energy priority for New York State. NYGB is a division of NYSERDA and meets regularly with an Advisory Committee made up of representatives from both the public and private sector.


NYGB increases availability of capital for projects, deploying proven and commercially-viable technologies including: solar, wind, and other renewable energy generation technologies, energy efficiency measures, electricity load reduction, on-site generation and similar projects that support New York’s clean energy objectives. NYGB works to realize these deployments through:

  • Leveraging private sector capital to support and expand clean energy financing markets;
  • Animating and growing capital markets, reducing the need for government support; and
  • Motivating faster and more extensive deployment of clean energy assets, contributing to economic development, greater energy choices, reduced environmental impacts and more green energy advantages for every public dollar spent.

NYGB is a cost-effective and complementary addition to New York State’s evolving portfolio of clean energy programs. NYGB works with private sector clients to address and alleviate specific gaps and barriers in current clean energy capital markets through a variety of approaches and transaction structures. NYGB uses demonstrated financing tools to promote self-sustaining markets, while enabling private sector capital to expand the frontiers of current commercial clean energy lending opportunities, ultimately increasing the deployment of proven clean energy technologies in New York State.

With NYGB’s flexible, nimble, and dynamic approach it is able to actively identify and alleviate existing market gaps and barriers, motivating greater private sector activity and allowing market forces to reduce the need for government support.


Through March 2020, NY Green Bank had received over USD 4.1 billion in investment proposals and had an active pipeline of potential investments proceeding towards closing of over USD 757 million. NY Green Bank’s investment pipeline is continuing to diversify across technology, location and end-user segment.

Also through March 2020, NY Green Bank’s investments supported clean energy projects with a total project cost of between USD 2.1 and USD 2.6 billion in aggregate, based on overall investments to date of USD 959.9 million. NYGB’s investment portfolio represents continuing progress toward an expected mobilization ratio of total project costs to NYGB funds of 8:1, manifesting in $8.0 billion of clean energy and sustainable infrastructure projects mobilized in New York State by NYGB activity by December 2025. USD 86.8 million in revenues has been generated since NY Green Bank’s inception. NYGB continues to be self-sufficient through the generation of annual net income.

NY Green Bank’s investments through March 2020 will drive lifetime GHG reductions projected between 11.4 and 19.6 million metric tons, equivalent to removing between 155,548 and 192,389 cars from the road for a period of 23 years.

Last updated June 2, 2020