Clean Energy Financing Arrangements

Description of goods to services to be bid:

The following revisions have been made on February 28, 2025:

On February 28, 2025, NY Green Bank (“NYGB”) publicly issued its updated Request for Applications (”RFP”) No. 1 (Version 5.0). RFP No. 1 was originally issued by NYGB in February 2014 and was subject to minor non-substantive revisions in July 2014 (Version 2.0). On March 31, 2017, NYGB publicly issued its updated RFP No. 1 (Version 3.0). The changes reflected in Version 3.0 included streamlining, reordering, and clarifying changes throughout, but the scope of RFP No. 1 remained materially unchanged. The changes in Version 4.1 further streamlined and clarified the application and evaluation process, while maintaining the scope unchanged.
The changes in Version 5.0 are intended to further clarify the application and evaluation process and to describe the $272.65MM of funds awarded to NYGB as a subrecipient under the U.S. Environmental Protection Agency’s National Clean Investment Fund program of the Greenhouse Gas Reduction Fund.
Capitalized terms used but not separately defined in this Summary of Revisions have the meanings respectively given to them in RFP No. 1.
Changes reflected in Version 5.0 of RFP No. 1 include, without limitation, the following:

1. Clarification that (i) prior to closing, NYGB may adjust proposed investment terms or require new terms to better address the Key Investment Criteria that and Additional Considerations that underly its investments, and (ii) after closing, NYGB may agree to extend or upsize an investment or require amendments to investment terms in furtherance of these Key Investment Criteria that and Additional Considerations.
2. Clarification that NYGB considers Execution-Readiness to mean that the parties can expect to close and fund within the next 2-6 months.
3. Explanation that investments financed with NCIF funds must be a “Qualified Project” as defined by the NCIF Program and must comply with certain Federal Compliance Requirements. Version 5.0 includes the definition of Qualified Project and summarizes these Federal Compliance Requirements. See Section 5.3.
4. Explanation that NYGB will score proposed transactions without regard to funding source (its initial capitalization or NCIF funds). But after the transaction has been moved into NYGB’s active pipeline, NYGB will enter into discussions with the Applicant to determine the appropriateness and feasibility of utilizing NCIF-sourced funds, including their ability to comply with the Federal Compliance Requirements. NYGB recognizes that project costs will likely be higher to meet the Federal Compliance Requirements, and NYGB may take potential cost increases into account when determining transaction pricing.
5. Additional guidance to Applicant that NYGB does not seek to “crowd-out” private capital investors, but rather seeks to identify and fill ”gaps” in a business or transaction’s capital stack (or otherwise reduce or eliminate financial barriers) to facilitate private capital investors “crowding-in” to clean energy and sustainable infrastructure transactions, either by investing together with NYGB or by later emulating NYGB and investing as NYGB did in later transactions

NY Green Bank announces a revision: RFP No. 1, which invites private sector capital providers and other clean energy industry participants to propose transactions involving NY Green Bank that facilitate the financing of clean energy projects in New York State, consistent with NY Green Bank's mandate, mission and priorities in addressing financing market gaps and barriers, has been updated to reflect clarifications and improvements. While the overall substance of the RFP objectives and requirements remains the same, all parties wishing to submit a proposal are advised to review the revised version of the solicitation documents to ensure that any proposal is responsive to the current version.

If changes are made to this solicitation, notification will be posted on NY Green Bank's website at https://greenbank.ny.gov/Working-with-Us/Propose-an-Investment.

Eligibility/Qualifications Requirements/Preferences:

For complete Eligibility/Qualifications Requirements/Preferences, please see https://greenbank.ny.gov/Working-with-Us/Propose-an-Investment.

NYGB seeks Proposals from:
(a) Private sector financial institutions or other third-party capital providers that finance, or intend to finance, clean energy technologies in NYS; and/or
(b) Industry participants including developers, energy service companies (“ESCOs”), building and facility owner/operators, equipment manufacturers, or others that provide equipment, materials and/or services related to eligible technologies.
Proposers can apply on a standalone basis or as part of a team (a “Proposal Team”). A Proposal Team, for example, could consist of a developer/sponsor, lead equipment provider, lead equity and/or debt provider. Proposers should note that irrespective of how a Proposal is submitted (i.e., standalone basis or part of a team), the identification of required Proposal Team constituents, such as non-NYGB capital providers, is necessary for consideration of all Proposals.

Business enterprises awarded an identical or substantially similar procurement contract within the past five years:

None

Service-Disabled Veteran-Owned Business (SDVOB)

SDVOB Goal: 0.00%

Minority / Women Business Enterprise contracting goals (MWBE)

MBE Goal: 0.00%

WBE Goal: 0.00%

Disadvantaged Business Enterprise contracting goals (DBE)

DBE Goal: 0.00%