New York Green Bank: Overview and Example Partnerships

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1 New York Green Bank: Overview and Example Partnerships Jessica Lynn Aldridge, Senior Associate 1 New York Solar Summit, City University of New York June 3, 2014

2 Overview of the New York Green Bank Overview Background Rationale Market Approach Strategy Study Next Examples About Objectives Integrated and integral part of a larger strategic statewide energy plan which includes NY- Sun and the recently released Reimagining the Energy Vision State-sponsored investment fund designed to dramatically increase deployment of commercially-proven clean energy technologies Established in late 2013 as a new division of NYSERDA Funded by NY Public Service Commission (PSC) in response to the Governor s initiative Mobilize greater private sector clean energy investment Use a financing / partnership model to overcome market-level obstacles and uncertainties (demonstrated by consistent financing gaps) Operate like a commercial financing entity Enable fluid private financing markets and functioning capital markets Funding Capitalized (Phase I) with idle ratepayer funds and regional carbon emissions allowance auction proceeds Funding to $1 billion level expected primarily from allocation of a portion of future ratepayer collections 2

3 Products Clients Roles A new division of [and direction for] NYSERDA Overview Background Rationale Market Approach Strategy Study Next Examples NYSERDA s mission is to advance innovative energy solutions to improve New York s economy & environment Core NYSERDA Programs NY Green Bank Energy Efficiency & Renewable Energy Deployment Energy Technology Innovation & Business Development Energy Education & Workforce Development Energy & the Environment Energy Data, Planning & Policy 3 Promote private financing and capital markets development Financial institutions and other market intermediaries Credit enhancement Senior or subordinated debt Warehouse lending Provide financial resources, expertise, and objective information allowing New Yorkers to make confident, informed energy decisions Broad range of residential, commercial and industrial energy end-users across New York State Grants and subsidy-based incentives Training & education Technical expertise Low or no interest loans

4 Significant market of attractive opportunities remains unrealized Rationale Market Approach Strategy Study Next Solicitation NY-Based Clean Energy Markets Selected Technologies Est. Market Size ($B) Energy Efficiency $55 Solar PV $13 Combined Heat & Power (CHP) $8 Biomass $4 Onshore Wind $4 Anaerobic Digesters (ADG) <$1 Source: Booz NY Green Bank Final Report $85B Sizeable Investment Opportunities Clean energy project investment can provide attractive risk/return profiles $85B directional estimate of NY-based projects is arguably conservative; excludes potential for: Further technology improvement Utility scale generation, fuel cells, charging stations, solar hot water systems, and other emerging clean technologies Even if it only captures 10% of addressable market, that s a $9B opportunity for NYGB. 4

5 NY Green Bank will strategically leverage capital to overcome barriers Overview Rationale Market Approach Strategy Study Next Examples Value proposition: Support the financings of underserved transaction types to bridge to efficiently functioning financing markets Key tools: Multiple forms of credit enhancement (reserve accounts, junior interest, etc.), direct project debt, warehouse capital, and the promotion of best practices / standardization where applicable Key partners & resources: Work in conjunction with (not as competitor to) private entities to leverage both capital pools and institutional capabilities Cost/revenue structure: Achieve return of and targeted return on capital invested 5

6 Fulfill certain roles that maximize potential to expand markets Overview Rationale Market Approach Strategy Study Next Examples NY Green Bank seeks to support transactions that with scale and experience can ultimately be financed by the private sector on a standalone basis What we will do: Support development of liquidity in markets Be creative in supporting credit worthy transactions Develop and incubate new structures Support standardization and aggregation for distribution What we won t do: Accept credit and/or project risks that will be unacceptable to the private market Take technology risks that are not commercially proven Offer direct subsidies Pick winners and losers or pursue one-off transactions without the ability to replicate 6

7 Ongoing and open solicitation for financing partnerships Overview Rationale Market Approach Strategy Study Next Examples NY Green Bank will incubate and scale transactions meeting core criteria: Have expected financial returns such that the revenues of the NY Green Bank on a portfolio basis will be in excess of expected portfolio losses; Be expected to contribute to financial market transformation in terms of scale, improved private sector participation, level of awareness and confidence in clean energy investments, and/or other aspects of market transformation; and Have the potential for energy savings and/or clean energy generation that will contribute to greenhouse gas reductions in support of New York s clean energy policies. Support a transition from illiquid to better functioning financial markets 7

8 Example: Residential rooftop solar generation Overview Rationale Market Approach Strategy Study Next Examples Issues: Less than 700 FICO homeowners typically not served by national residential rooftop operators Market is tax equity driven with such benefits potentially declining beginning in 2016 Servicers typically non-investment grade startups Substantial credit enhancement requirements for issuance of investment grade debt tranche Long tenor consumer credit Secured by panels but lenders unwilling to attribute meaningful future value to panels Typically no mortgage in property Potential Solution: Warehouse aggregate up to $50M for distribution to third parties if similar originators Credit enhancement to finance retrofits as part of mortgage and/or to expand credit to lower FICO score homeowners Residential Customers Residential Residential Customer Customer Leases or PPAs System Provider SPE Generation Assets (i.e. rooftop solar) Also applicable to geothermal Assign: Participate; Sell Receivables $ Lender 8

9 Discussion Rationale Market Approach Strategy Study Next Examples >> 9

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