ACORE, U.S. Partnership for Renewable Energy Finance member to lead bank charged with public sector financing for clean energy projects
For Immediate Release: November 22, 2013
Washington, DC – Today, Governor Andrew Cuomo of New York announced the appointment of Alfred Griffin President of the New York Green Bank, a $1 billion venture to leverage private sector financing of clean energy projects that create jobs and help make New York’s communities more sustainable.
“Alfred has long been a valuable member of both ACORE and ACORE’s U.S. Partnership for Renewable Energy Finance (US PREF). He is an important contributor to the work of advancing policies to increase private sector investment in renewable energy. We have valued his unique insights into energy financing and renewable energy financing in particular,” said Michael Brower, ACORE’s Interim President and CEO. “Governor Cuomo has made a great pick and the people of New York will be all the better for it.”
“The task of scaling up renewable energy in New York and across the nation requires access to significant amounts of capital,” explained Todd Foley, ACORE’s Senior VP of Policy and Government Relations. “The New York Green Bank will complement other clean energy policies and further leverage private capital and ingenuity, bringing additional investment, energy infrastructure and jobs to New York State. A seasoned private sector financier, Alfred is well versed in clean energy investment and is a smart choice to lead the New York Green Bank.”
From Governor Cuomo’s news release:
In September, Governor Cuomo announced the launch of the Green Bank with a petition filed by the New York State Energy Research and Development Authority (NYSERDA) to the Public Service Commission (PSC) seeking to use approximately $165 million in uncommitted funds for the Green Bank’s initial capitalization. This initial funding will permit the Green Bank to begin its work leveraging private sector financing for clean energy projects.
Mr. Griffith is the fourth addition to the New York State energy leadership team this year. Earlier this year, Governor Cuomo appointed Richard Kauffman as Chairman of Energy and Finance for New York and Chairman of NYSERDA, John Rhodes as president of NYSERDA, and Audrey Zibelman as chair of the State’s Public Service Commission. Together with Gil Quiniones, President and CEO of the New York Power Authority, they are designing and implementing Governor Cuomo’s strategic statewide plan to scale up clean energy, enhance New York’s competitiveness for clean energy businesses, and make the state’s energy systems more resilient.
The NY Green Bank is a central component of this plan. The Green Bank will partner with lenders from the private sector by providing financial products that can address market barriers that currently limit private sector capital flows into otherwise attractive renewable energy and energy efficiency projects. The Green Bank is expected to offer its initial financial products in early 2014.
ACORE, a 501©(3) non-profit membership organization, is dedicated to building a secure and prosperous America with clean, renewable energy. ACORE seeks to advance renewable energy through finance, policy, technology, and market development and is concentrating its member focus in 2013 on National Defense & Security, Power Generation & Infrastructure, and Transportation. Additional information is available at www.acore.org.
US PREF is a coalition of senior level financiers who invest in all sectors of the energy industry, including renewable energy. Members educate the public sector to assure renewable energy finance legislation impacts the market as efficiently and effectively as possible, with the goal of helping to unlock capital flows to renewable energy projects in the United States. US PREF is a program of the American Council On Renewable Energy (ACORE), a Washington, DC ‐ based non‐profit organization dedicated to building a secure and prosperous America with clean, renewable energy.
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