Earlier this year, New York Governor Andrew Cuomo announced that the State would be  creating a Green Bank to leverage private sector financing for renewable and other related clean energy projects. The Green Bank was identified in the Governor’s State of the State address as a key component to growing the State’s clean energy economy.

On September 10, 2013, the Governor announced the first significant step in moving this $1 billion initiative forward. Via a petition to the New York State Public Service Commission, the New York State Energy Research and Development Authority is seeking authorization to use approximately $165 million in uncommitted NYSERDA funds as the Green Bank’s initial capitalization.

The Governor expects the Green Bank to be able to offer its financial products starting in early 2014. It is expected that over a five year period the Green Bank will double the amount of private capital available to grow green energy markets in New York. This initial infusion of capital would act as a catalyst for significant clean tech sector economic growth in the State.