NY Green Bank names directors

The New York Green Bank (NYGB) has named two managing directors, following its February launch.

Caroline Angoorly – a veteran of NRG Energy and Enel Green Power – will act as chief operating officer, coming from her current position as principal at GreenTao LLC, an energy and environmental consultancy in New York City.

Nicholas Whitcombe will head up portfolio management within the NYGB, which in February began accepting applications for loans.

Whitcombe served most recently as a senior investment officer within the US Department of Energy’s Loan Programs Office, where he oversaw more than $1bn in loan guarantees for distributed solar – an area expected to be one of the NYGB’s primary targets.

The appointments of Angoorly and Whitcombe follow that of Alfred Griffin, a structured-finance expert from Citigroup who was named NYGB president last November by New York Governor Andrew Cuomo.

Following similar models like the UK’s successful Green Investment Bank, the NYGB seeks to marry public money – loaned at generous commercial rates – with private-sector funding to speed up development of the state’s clean-energy economy.

Unveiled last year, the NYGB was capitalised with an initial $210m in public money, most of it having been redirected from existing clean-energy programmes.

Like the UK's Green Investment Bank, the NYGB intends to make money on its investments.

The NYGB is focused on “near frontier” sectors like wind and solar, and as of February is “actively working” on a variety of proposed deals.