New York State of Opportunity – New York Green Bank, A Division of NYSERDA

RFP 4569: NY Green Bank Financial Market Transformation Evaluation

Due Date:  02/10/2021  (Round 1)

Description

The New York State Energy Research and Development Authority (“NYSERDA”) is issuing this Request for Proposals (“RFP”) for the implementation of the NY Green Bank Financial Market Transformation Evaluation.  This evaluation is the first update to the 2019 NY Green Bank Financial Market Transformation Baseline Study, which included Case Studies.  In order to determine the market transformation resulting from NY Green Bank (“NYGB”) activities, the selected Contractor will be expected to: (a) establish a baseline where a baseline does not already exist; and (b) establish updates to an existing baseline to reflect a new evaluation time horizon.  The results of this evaluation will be used to inform NYGB, NYSERDA, and the financial community of the progress NYGB has made in achieving its goals, which include addressing market barriers and financing gaps, increasing investor confidence, and achieving scale in clean energy financing since the 2019 Baseline Study.  If approved by NYSERDA, and following the successful completion of the first update to the 2019 Baseline Study, the Contractor shall conduct follow-up research based on the objectives and data collection activities outlined in this RFP.  For more information about the 2019 NY Green Bank Financial Market Transformation Baseline Study and accompanying Case Studies, please refer to the web links included at the end of this description.    

NYSERDA is issuing this RFP to procure a contractor to evaluate NYGB’s progress toward achieving stated market transformation objectives.  The proposer must demonstrate an understanding of NYGB’s activities, which aim to motivate faster and more extensive implementation of clean energy investments within New York State (“NYS”), foster greater energy choices, reduce environmental impacts, and deliver more clean energy benefits per public dollar spent for all New Yorkers.  The proposer must present a methodology to measure NYGB market transformation over time.  The proposer will be expected to develop case studies relevant to understanding the progress NYGB has made in achieving its goals.  

NY Green Bank is a $1.0 billion investment fund designed to accelerate clean energy deployment in NYS and is globally recognized as a leading sustainable infrastructure investor.  NYGB’s participation in a growing number and diversity of transactions spurs clean energy development in NYS, with benefits for New York residents and more broadly.  NYGB is a division of NYSERDA.  Since its formation, NYGB has worked to increase the size, volume and breadth of sustainable infrastructure investment activity throughout the State, expand the base of investors focused on NYS clean energy and increase market participants’ access to capital on commercial terms.  To achieve these objectives, NYGB collaborates with the private sector to develop transaction structures and methodologies that overcome typical clean energy investment barriers.  These barriers include challenges in evaluating risk and addressing the needs of distributed energy and efficiency projects where underwriting may be oriented toward larger opportunities and/or toward groups of somewhat homogeneous investments that make up larger portfolios.  NYGB invests where there are limited precedents, less familiar asset structures and/or deal structuring complexities that require specialized skillsets.  NYGB applies project and structured finance transaction approaches that isolate project assets, allocate and protect against downside risks to the greatest possible extent and monetize low-volatility project-generated cash flows to generate appropriate risk-adjusted returns.  NYGB responds to market opportunities that create attractive precedents, standardize investment practices and create roadmaps that capital providers can readily replicate and scale.  As funders “crowd in” to an area within the sustainable infrastructure landscape, NYGB moves on to other areas that have received less investor interest. 

2019 NY Green Bank Financial Market Transformation Baseline Study:
https://greenbank.ny.gov/-/media/greenbanknew/files/2019-03-financial-market-transformation-evaluation-study.pdf 

2019 NY Green Bank Financial Market Transformation Case Studies:
https://greenbank.ny.gov/-/media/greenbanknew/files/2019-03-evaluation-case-studies.pdf 

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