Cuomo Starts $1 Billion New York Green Bank for Energy Lending
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New York Governor Andrew Cuomo is starting a $1 billion bank to provide loans to projects that generate power without using fossil fuels, a move meant to push private lenders into the clean-energy market.
The Green Bank, promised by the 55-year-old Democrat in January, will use money collected from utility bills already set aside for energy-efficiency programs as seed money. In a petition filed yesterday, he asked that the New York State Public Service Commission release $165 million.