The New York City Energy Efficiency Corporation (NYCEEC) has obtained a $10m loan from Bank of America for clean energy projects.
NYCEEC CEO Susan Leeds said: "The impact of our partnership with Bank of America is significant."
"We’re continuing to drive innovative financing approaches that unlock value for building owners and project developers, while advancing New York’s sustainability goals."
NYCEEC finances a wide range of projects across all building types and clean energy technologies — energy efficiency, Passive House, cogeneration, demand management, renewables and fuel conversions.
The new capital will allow NYCEEC to finance projects, such as a Passive House condominium in Manhattan and a deep retrofit of a 1,000+ unit affordable housing co-op in upper Manhattan.
Bank of America senior CDFI relationship manager, Amy Brusiloff said: "We’re thrilled to provide capital to NYCEEC to help finance projects that lower the carbon emissions of buildings."
"With NYCEEC’s strong track record and our commitment to deliver financial solutions to support environmentally-focused programs, this is the kind of partnership that promotes thriving and sustainable communities."
The deal’s environmental and social value is substantial. NYCEEC estimates that fully investing the capital will create more than 220 clean energy jobs and eliminate nearly 160,000 metric tons of greenhouse gases, which is the equivalent of planting more than 4 million trees — 150 times the number of trees in Central Park.
New York City Mayor Bill de Blasio’s Office welcomed the announcement. Mayor office of sustainability director Nilda Mesa said: "Bank of America’s partnership with NYCEEC demonstrates how private-sector innovation can help scale high performing energy design in buildings and solve financing gaps in the marketplace."
"It’s a great addition to sustainability efforts all over New York City, and this approach is just what we need to reach our goal of reducing greenhouse gas emissions 80% by 2050."
To date, NYCEEC has financed more than $83 million dollars of energy efficiency and clean energy projects across 5.3 million square feet of NYC properties.