NY reports 7 initial transactions for clean energy projects with state's Green Bank

Associated Press

New York officials say they have reached agreements in principle to finance seven clean energy projects with a dozen banks and investment firms and the state's new NY Green Bank.

They hope to close deals this year that would lead to more than $800 million invested in solar energy, cogeneration and energy-efficiency.

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The goal is a 575,000-ton annual reduction in carbon dioxide by generating and using energy in ways that reduce pollution and burning fossil fuels.

Parties include Ameresco, Bank of America Merrill Lynch, BQ Energy, Citi, Deutsche Bank, First Eastern Investment Group, First Niagara Bank, GreenCity Power, M&T Bank, Renewable Funding, Sustainable Development Capital and Tulum Management.

NY Green Bank was established earlier this year to provide long-term funding certainty and generate private sector capital for clean energy projects.