NY Green Bank is looking to partner with private sector participants to create a warehouse for energy efficient loans with a view toward eventually securitize the loans, according to a spokesperson.
The bank, part of Gov. Andrew M. Cuomo's plan to scale up clean energy and make the state’s energy systems more resilient and reliable, issued an initial, open-ended investment solicitation in February 2014, the month if opened for business.
The bank said it would warehouse loans that it purchases from third-party lenders and securitize the loans once the volumes reached $100 million. The loans will finance either residential or commercial energy efficient projects.
NYGB is also looking to build up its in-house securitization team but has yet to determine how many hires it will make, according to spokesperson.
In April, Nicholas Whitcombe joined the bank as a managing director, in charge of the NYGB's investment portfolio. Whitcombe, who was previously a senior investment officer in the loan programs office at the Department of Energy, along with the additional new hires, will oversee investments for NYGB.
The bank is looking to partner with a private sector entity to fund the warehouse and is looking to have the securities rated. “Private sector capital providers and other clean energy industry participants are invited to propose arrangements facilitating the financing of creditworthy clean energy projects (including energy generation and energy savings projects) or portfolios of projects in New York State,” said the spokesperson.