As New York State (NYS) moves towards a more sustainable future through investing in green infrastructure, the necessity for further public and private collaboration has emerged in order to better realize the objectives of the state’s clean energy vision. NYS has expanded the use of green infrastructure across sectors like transportation, energy, housing and water. As a result, there has been a push towards understanding the role the private sector can play, specifically that of engaging private financing in public infrastructure projects.
The Capstone team assessed the historical trends and current status of the green financing market, and identified potential financing tools available to NYS agencies managing the aforementioned sectors, including DASNY, NYSERDA, NY Green Bank, NYS Thruway Authority, and NYS Homes and Community Renewal. The team developed a database across 4 sectors, encompassing some 380 different projects and/or entities, and capturing more than $20 billion of financing opportunities related to green projects and programs. This database specified the eligibility requirements, terms, and past deployment of the various initiatives and matched those initiatives with the authorities and agencies best suited to make use of them. This database was supplemented by qualitative interviews with key contacts in the aforementioned agencies in order to better understand how these initiatives were applied in practice and what if any obstacles were overcome. The database helped the Barclays Public Finance Department identify instances where their services could enhance or extend the reach of these programs by providing underwriting services, bond purchase, P3 advising, or direct lending.