Website: [greenbank.ny.gov](https://greenbank.ny.gov) ### Introduction The New York Green Bank (NYGB) was established in 2013 as a state-sponsored, specialized financial entity under the New York State Energy Research and Development Authority ([[NYSERDA]]). Headquartered in New York, NYGB operates as a public-private partnership with a mission to accelerate clean energy deployment in New York State by mobilizing private capital and bridging financing gaps for projects that reduce greenhouse gas emissions. It does not function as a traditional bank but as a financier and facilitator for sustainable infrastructure investments. NYGB is not a standalone company but a division of [[NYSERDA]], and thus, it is not publicly traded nor privately owned; it operates under governmental oversight with funding support from state resources and ratepayer contributions. NYGB focuses on driving market transformation in clean energy financing by partnering with private sector entities, including energy service companies, regional banks, and multinational investors. Its goal is to support economically viable projects that align with New York’s ambitious climate goals, such as achieving 70% renewable energy by 2030 and a zero-emission electricity sector by 2040. While specific employee counts for NYGB are not publicly disclosed, it operates within NYSERDA’s broader organizational structure, which employs hundreds of staff across various programs [NYSERDA](https://www.nyserda.ny.gov). ### Key Products and Technology NYGB does not produce physical products or technologies like reactors or miners but instead offers financial products and services tailored to clean energy and sustainable infrastructure projects. Below are its key offerings: - **Green Financing Solutions (Financial Product)** - **Type**: Debt financing, credit enhancements, loan participations, and warehousing facilities. - **Technical Specifications**: Customizable financing terms, often ranging from $1 million to $50 million per transaction, with flexible structures to match project cash flows. - **Fuel Type or Energy Source**: Supports a range of clean energy sources, including solar, wind, energy storage, energy efficiency, and building decarbonization. - **Key Differentiators**: Reduces risk for private lenders by providing subordinated debt or credit support, enabling projects that might otherwise struggle to secure funding; focuses on market gaps where traditional financing falls short. - **Development Stage**: Fully operational since 2013, with over $2 billion in cumulative commitments as of 2023. - **Target Customers**: Energy developers, utilities, commercial property owners, and institutional investors. - **Community Decarbonization Fund (Financial Product)** - **Type**: Financing for community-scale clean energy and efficiency projects, often targeting disadvantaged communities. - **Technical Specifications**: Smaller-scale investments, often under $5 million, with a focus on equitable access to clean energy benefits. - **Fuel Type or Energy Source**: Primarily solar, energy efficiency retrofits, and small-scale storage. - **Key Differentiators**: Prioritizes social impact alongside financial returns, aligning with New York’s Climate Leadership and Community Protection Act (CLCPA). - **Development Stage**: Operational, with ongoing expansion of outreach and funding allocations. - **Target Customers**: Municipalities, nonprofits, and low-income housing providers. ### Regulatory and Licensing Status As a financial entity rather than a technology developer, NYGB is not subject to regulatory oversight from bodies like the Nuclear Regulatory Commission (NRC). Instead, it operates under the governance of NYSERDA and adheres to state financial and environmental regulations. NYGB’s activities are guided by New York State’s climate policies, including the CLCPA, which mandates specific renewable energy and emissions reduction targets. There are no specific licensing milestones akin to nuclear or energy production projects; however, NYGB must ensure compliance with state procurement and transparency requirements for public funds. NYGB’s strategic plans and performance metrics are reviewed annually by NYSERDA and reported to state authorities. Its operations are also influenced by [[Federal|federal]] funding programs, such as those under the Inflation Reduction Act (IRA), though recent political changes, including the potential rescission of certain federal green funding as noted in web sources, may impact future resources [Wikipedia](https://en.wikipedia.org/wiki/Green_bank). There is no estimated timeline for “commercial deployment” as NYGB is already operational, with a focus on scaling its impact through increased commitments and partnerships. ### Team and Leadership NYGB’s leadership operates within NYSERDA’s structure, and specific team details are limited to key public-facing figures. Below are notable leaders based on available information: - **Andrew Kessler, President of NY Green Bank**: Kessler oversees NYGB’s strategic direction and market engagement efforts. He has been instrumental in expanding NYGB’s portfolio and partnerships, as highlighted in recent interviews and announcements [NYSERDA](https://www.nyserda.ny.gov/Featured-Stories/How-NY-Green-Bank-Is-Advancing-Clean-Energy). (No verified X handle found.) - **Doreen M. Harris, President and CEO of NYSERDA**: Harris leads the broader organization under which NYGB operates, guiding state-wide energy policy and innovation. Her leadership influences NYGB’s alignment with state climate goals. (No verified X handle found.) Detailed bios and additional team information are not publicly granular for NYGB specifically, as it functions as a division rather than a standalone entity. ### Funding and Financial Position NYGB was initially capitalized with $1 billion from redirected utility ratepayer funds and state appropriations, as authorized by the New York Public Service Commission. As of May 2023, NYGB surpassed $2 billion in cumulative financial commitments across various clean energy projects, marking a significant milestone in its 10-year history [NYSERDA Newsroom](https://www.nyserda.ny.gov/About/Newsroom/2023-Announcements/2023-05-31-NY-Green-Bank-Surpasses-2-Billion-in-Financial-Commitments). Since it is not a public company, there are no stock performance or market cap figures to report. NYGB does not raise traditional venture funding but leverages public funds and reinvests returns from its financing activities to sustain operations. It also collaborates with private sector investors to co-fund projects, effectively multiplying its impact. Specific revenue figures are not disclosed separately from NYSERDA’s broader financials, but NYGB operates on a self-sustaining model where repayments from financed projects are recycled into new investments. There are no named institutional investors, as funding primarily stems from state resources and partnerships with private lenders. ### Recent News and Developments | Date | Event | Details | |---------------|------------------------------------|-----------------------------------------------------------------------------------------------| | Dec 15, 2025 | NextGen Buildings Innovation Award | Governor Hochul announced $23 million for 24 building tech projects, supported by NYSERDA initiatives tied to NYGB’s mission [EnerKnol on X](https://x.com/enerknol). | | Sep 23, 2025 | Policy Highlight on SDG Platform | NYGB recognized for incentivizing renewable energy and bridging climate financing gaps [SDG16.plus](https://www.sdg16.plus/policies/new-york-green-bank-united-states). | | Apr 16, 2025 | Grid Technology Funding | $12 million announced by Governor Hochul for innovative grid tech, aligning with NYGB’s support for clean energy integration [NYSERDA Newsroom](https://www.nyserda.ny.gov/About/Newsroom/2025-Announcements/2025-04-16-Governor-Hochul-Announces-12-Million-Is-Now-Available-To-Support-Grid-Tech). | | Mar 24, 2025 | Long Island Green Energy Hurdles | Reports highlight challenges for green energy projects on Long Island, where NYGB financing could play a role [USA Solar Cell](https://usasolarcell.com/news/2025/03/24/long-islands-green-energy-projects-encounter-significant-hurdles/). | | Feb 11, 2025 | Revel Charging Infrastructure Deal | NYGB signed a $60 million deal with Revel to build 267 EV charging stalls, expanding clean transport infrastructure [Sawyer Merritt on X](https://x.com/SawyerMerritt). | ### Partnerships and Collaborations - **New York City Energy Efficiency Corporation (NYCEEC)**: NYGB collaborates with NYCEEC, a local green bank, to co-finance energy efficiency projects. For instance, NYGB provided a $2 million loan participation to support Ecosave’s decarbonization projects, demonstrating its role in scaling smaller initiatives [NYCEEC](https://nyceec.com/the-catalytic-role-of-green-banks-to-support-the-energy-transition-collaboration-between-ecosave-nyceec-and-ny-green-bank/). - **Revel**: A recent $60 million partnership to develop EV charging infrastructure in New York, highlighting NYGB’s focus on clean transportation and urban sustainability [Sawyer Merritt on X](https://x.com/SawyerMerritt). - **Private Lenders and Energy Developers**: NYGB partners with regional and multinational banks to de-risk clean energy investments, enabling projects like solar farms and energy storage systems. These collaborations are central to its market transformation strategy [greenbank.ny.gov](https://greenbank.ny.gov). ### New Hampshire Relevance While NYGB’s operations are focused on New York State, its model and expertise in clean energy financing could have relevance for [[New Hampshire]] (NH) as the state seeks to expand renewable energy adoption and meet decarbonization goals. NH’s proximity to the ISO-NE grid, which integrates regional power systems including New York’s, suggests potential for cross-state collaboration on grid modernization or renewable integration projects that NYGB could indirectly influence through its regional impact. [[Seabrook Station]], NH’s nuclear facility, is not directly related to NYGB’s portfolio, but NH’s interest in diversifying energy sources aligns with NYGB’s support for solar, wind, and storage solutions. NYGB’s financing products are not geographically tied to NH, and there is no direct evidence of interest or projects in the Northeast beyond New York. However, its Community Decarbonization Fund could serve as a model for NH communities looking to fund small-scale renewable projects. NH legislative initiatives like HB 710, which may explore advanced energy solutions, could benefit from studying NYGB’s public-private partnership framework. Potential applications in NH include grid power support for rural areas, data center energy needs, or industrial heat decarbonization, though NYGB would need to expand its mandate or partner with NH entities to engage directly. No specific NH connections were identified in current data. ### Competitive Position NYGB operates in a unique space as the largest state-sponsored green bank in the U.S., distinguishing it from traditional financial institutions and other green banks. Compared to the **[[Connecticut Green Bank]]**, NYGB benefits from a larger capital base ($2 billion in commitments vs. Connecticut’s smaller scale) and a broader mandate under NYSERDA, allowing it to tackle diverse projects. However, it faces competition for impact from federal programs like the **EPA’s Greenhouse Gas Reduction Fund (GGRF)**, which awarded $5 billion to national green banking initiatives in 2024, potentially overshadowing state-level efforts if federal funding shifts [Posts on X](https://x.com). Additionally, compared to **private clean energy financiers**, NYGB’s advantage lies in its public backing and risk tolerance, though it may lack the agility of private capital. A key risk is potential federal policy changes that could reduce green funding, as noted in recent discussions [Wikipedia](https://en.wikipedia.org/wiki/Green_bank). ### Closing Note New York Green Bank remains a pivotal force in clean energy financing, with a strong trajectory of scaling investments and an optimistic outlook for driving New York’s climate goals. *Report generated December 24, 2025*