The Investor Confidence Project continues to work with a wide range of NY stakeholders. We were pleased to see NYSERDA calling out ICP as a key financing strategy for 2016, based on the NY Public Service Commission direction to “refocus on market and technology transformative strategies.”
The Clean Energy Fund Information Supplement, which was submitted to the NY State Public Service Commission by the New York State Energy Research and Development Authority (NYSERDA) describes a range of New York State policies in support of Governor Andrew M. Cuomo’s Reforming the Energy Vision (REV) strategy.
The content below is cut from the Clean Energy Fund Information Supplement and relates specifically to commercial financing and ICP:
The Clean Energy Fund Information Supplement, which was submitted to the NY State Public Service Commission by the New York State Energy Research and Development Authority (NYSERDA) describes a range of New York State policies in support of Governor Andrew M. Cuomo’s Reforming the Energy Vision (REV) strategy.
The content below is cut from the Clean Energy Fund Information Supplement and relates specifically to commercial financing and ICP:
Click to Download Financing Standards, Tools, and Protocols
Starting in 2016, NYSERDA proposes to develop commercial financing strategies that will empower customers to invest in clean energy projects via market-rate, long-term self-sustaining financing solutions. These strategies will include efforts to support standards, such as the Environmental Defense Fund’s Investor Confidence Project (ICP) Energy Performance Protocols. These protocols are an amalgam of industry best practices, existing standards, and documentation that have been developed in order to create the data necessary to enable underwriting or managing of energy performance risk. Each of the protocols creates a standard set of documentation that will help standardize project performance underwriting leading to better data on performance, and a more efficient marketplace with less duplicative engineering and lower transaction costs. These benefits will ultimately result in an increase in deal flow and a more transparent and efficient market.
NYSERDA will promote existing financing options through the private market and other state entities, and will develop the tools and infrastructure required to expand the use of C-PACE financing. Specific activities for developing C-PACE include: Outreach to customers, key stakeholders and interest groups (including local governments to participate in offering C-PACE to their constituents); Periodic and targeted training sessions for contractors, installers, and other third party entities; and Facilitating the identification of a pipeline of qualifying projects, and providing bridge funding for verification services such as the ICP Energy Performance Protocols.
Starting in 2016, NYSERDA proposes to develop commercial financing strategies that will empower customers to invest in clean energy projects via market-rate, long-term self-sustaining financing solutions. These strategies will include efforts to support standards, such as the Environmental Defense Fund’s Investor Confidence Project (ICP) Energy Performance Protocols. These protocols are an amalgam of industry best practices, existing standards, and documentation that have been developed in order to create the data necessary to enable underwriting or managing of energy performance risk. Each of the protocols creates a standard set of documentation that will help standardize project performance underwriting leading to better data on performance, and a more efficient marketplace with less duplicative engineering and lower transaction costs. These benefits will ultimately result in an increase in deal flow and a more transparent and efficient market.
NYSERDA will promote existing financing options through the private market and other state entities, and will develop the tools and infrastructure required to expand the use of C-PACE financing. Specific activities for developing C-PACE include: Outreach to customers, key stakeholders and interest groups (including local governments to participate in offering C-PACE to their constituents); Periodic and targeted training sessions for contractors, installers, and other third party entities; and Facilitating the identification of a pipeline of qualifying projects, and providing bridge funding for verification services such as the ICP Energy Performance Protocols.
| 2015-nygb-clean-energy-fund-information-supplement.pdf |
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