27 Dec '13, 11am

New York funds state bank to support clean energy projects

Andrew Cuomo, the governor of the U.S. state of New York, has dedicated USD 210 million in initial funding for a state bank to support renewable energy and energy efficiency projects. Initial funding for the NY Green Bank includes USD 165 million redirected from other programs and approved by New York Public Service Commission (NYPSC), and USD 45 million from the Regional Greenhouse Gas Initiative. The NY Green Bank is expected to open for business and offer its first financial products in early 2014. “New York’s Green Bank will target existing market barriers which currently prevent the widespread deployment of clean energy,” said New York State Chairman of Energy & Finance Richard Kauffman. “Given these obstacles in financing, merely setting up a competitive market that offers the promise of choice offers only that: a promise unrealized if projects cannot obtain financin...

Full article: http://www.solarserver.com/solar-magazine/solar-news/curr...

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