Griffin is set to oversee a $1 billion fund to finance green-energy projects. The Green Bank's use of private money is primarily to encourage investment in the alternative energy industry."As president of the Green Bank, Mr. Griffin will bring invaluable experience in the banking and investment industry to help lead the initiative to finance clean energy projects and leverage private investment across the state," Cuomo said in a statement.
According to Griffin, the bank's establishment, announced in September, demonstrates public and private partnerships leveraging private capital to facilitate the transition to a more cost-effective, resilient and clean energy system. The governor's office further stated that in this case, the bank will be run by the New York State Energy Research and Development Authority which shall package loans for secondary-market investors, guaranteeing the loans.
Initially, the bank will be supported by state funds collected from utility bills, with a seed fund of $165 million which will come from uncommitted funds and then from loan reflows. The bank is set to offer its first financial products by early 2014 and is expected to increase its assests to $8 billion for a period of 10 years.
Source: UPI
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