The largest such statewide institution in the US, it seeks to accelerate the flow of capital into the state’s small but fast-growing renewables sector.
The bank, which follows models like the UK’s Green Investment Bank, was initially capitalised with $210m in public money which will be used to leverage up private investment in renewables and energy-efficiency.
Of the state’s contribution thus far, $165m was redirected from other clean-energy programmes and the remainder comes from proceeds from the Regional Greenhouse Gas Initiative, the carbon cap-and-trade covering nine northeastern US states.
While
