The New York Green Bank has issued a Request for Proposals (RFP 1) to obtain clean energy financing arrangements. The Green Bank’s stated purpose is to overcome current obstacles in clean energy financing markets and to increase overall capital availability through various forms of financial support such as credit enhancement, project aggregation, and securitization.
On December 19, 2013, the New York State Public Service Commission approved an initial $165 million in funding for Green Bank (Member Alert #60-2013). This funding will be combined with at least $45 million from allowance auction revenues under the Regional Greenhouse Gas Initiative.
An illustrative list of eligible technologies may be viewed under Attachment B of the RFP. Among these technologies are solar photovoltaics, wind, hydro, biomass, fuel cells, landfill gas, and electric energy storage. Nuclear, municipal solid waste combustion, and adulterated biomass or biofuels are not eligible technologies. The RFP seeks proposals from entities such as project developers and/or financial institutions or other third-party capital providers involved in financing investments. Proposers can apply individually or as a team.
Eligible financing arrangements include, but are not limited to, the Green Bank participating in transactions such as: credit enhancement provider; lender; or warehouse provider. Project-related financing arrangements include transactions in which the Green Bank provides support related to specific projects or to an entity that is funding loans, leases or power purchase agreements related to a portfolio of projects. Proposals should specify capitalization amounts and the relationship between the Green Bank and the other capital providers.
Information submitted to Green Bank that the proposer wishes to have treated as proprietary and confidential trade secret should be identified and labeled, and a written statement should be provided explaining why the information should not be disclosed. However, the RFP states that the New York State Energy Research and Development Authority cannot guarantee the confidentiality of any submitted information.
Electronic proposal submission is preferable, and directions are available under Attachment C of the RFP. To ensure all potential partners have an opportunity to propose financing arrangements, the RFP will remain open, and proposals will be evaluated on an ongoing basis. Additional information may be obtained by emailing [email protected].