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2019 Business Plan NY Green Bank Annual Review 2018 – 19 and Annual Business Plan 2019 – 20 Case 13-M-0412 June 19, 2019 Contents Letter from the President of NY Green Bank .........................................................................................................1 Part I: NY Green Bank Overview 1. NY Green Bank Overview ................................................................................................................................4 1.1 Review & Plan Purpose ...............................................................................................................................4 1.2 Mission .........................................................................................................................................................5 1.3 Key Investment Criteria ................................................................................................................................6 1.4 Other Investment Considerations ................................................................................................................6 1.4.1 Additionality ......................................................................................................................................7 1.4.2 Transformation of Clean Energy Financing Markets ........................................................................7 1.4.3 Impact & Public Benefits ...................................................................................................................7 1.4.4 Transaction Size & Participation.......................................................................................................7 1.5 Goals & Key Performance Indicators ...........................................................................................................8 1.6 Impact & Reporting ......................................................................................................................................9 1.6.1 Direct & Indirect Impact Benefits ................................................................................................... 10 1.6.2 First-Year & Lifetime Estimated Impact Benefits ........................................................................... 11 1.6.3 Methodology to Assess NYGB Impact .......................................................................................... 11 1.6.4 Impact Reporting Process ............................................................................................................. 12 Part II: Annual Review 2018 – 19 2. Annual Review 2018 – 19 .............................................................................................................................. 15 2.1 Performance In the 2018 – 19 Plan Year ................................................................................................. 15 2.1.1 Why Mobilization Ratio Results Have Decreased ......................................................................... 15 2.1.2 How NYGB Addressed the Needs of LMI Communities ............................................................... 16 2.1.3 How NYGB Catalyzed New Markets & Maintained a Strong Active Pipeline ............................... 18 2.2 Progress Against Plan Deliverables ......................................................................................................... 22 2.3 Continued Portfolio Growth ....................................................................................................................... 25 2.4 Maintained Strong Active Pipeline ............................................................................................................ 26 2.4.1 Characteristics & Management of the Active Pipeline .................................................................. 26 2.4.2 Conducted Public & Stakeholder Outreach ................................................................................... 27 2.4.3 Issued Targeted Solicitations & Participated in Strategic Convenings.......................................... 28 2.4.4 Issued & Contributed to Press Releases ....................................................................................... 30 2.4.5 Issued Periodic Newsletters & Web Site Updates......................................................................... 30 2.5 Improved Financial Performance & Remained Self-Sufficient .................................................................. 31 2.5.1 Revenues, Expenses & Net Income .............................................................................................. 31 2.5.2 Capital & Liquidity Management .................................................................................................... 33 2.6 Delivered Increasing Impact Benefits for all New Yorkers ........................................................................ 34 2.7 Mobilized Private Capital .......................................................................................................................... 36 2.8 Performed Evaluation, Measurement & Verification ................................................................................. 36 2.8.1 Financial Market Transformation ................................................................................................... 36 2.8.2 Energy & Environmental Impact in NYS ........................................................................................ 36 2.9 Scaled Internal Counsel, Portfolio Management, Operations & Finance ................................................. 36 2.10 Worked Toward Third-Party Capital & National Expansion ...................................................................... 37 2.11 Improved Risk Framework & Related Processes ..................................................................................... 37 2.12 Green Bank Network Activities ................................................................................................................. 38 Part III: Annual Business Plan 2019 – 20 3. Annual Business Plan 2019 – 20 .................................................................................................................. 40 3.1 Build, Maintain & Actively Manage the NYGB Pipeline ............................................................................ 42 3.2 Remain Self-Sufficient .............................................................................................................................. 42 i NYGB_2019_Business_Plan_PSC_Filing_FINAL.docx 3.3 2019 – 20 Activities to Meet Objectives & Deliverables ........................................................................... 43 3.3.1 Focus on Clean Energy for LMI Communities ............................................................................... 44 3.3.2 Focus on Large-Scale Renewables .............................................................................................. 45 3.3.3 Focus on Community Distributed Generation Solar Projects ........................................................ 45 3.3.4 Focus on Energy Efficiency Markets ............................................................................................. 45 3.3.5 Focus on Clean Transportation ..................................................................................................... 47 3.3.6 Focus on Energy Storage (including Solar-Plus-Storage) ............................................................ 47 3.3.7 Focus on Bio Energy ..................................................................................................................... 48 3.3.8 Focus on Energy Resiliency .......................................................................................................... 48 3.3.9 Work with Other Existing NYS Energy Programs & Initiatives ...................................................... 48 3.3.10 Mobilize Third-Party Capital to Invest in NYS Sustainable Infrastructure ..................................... 48 3.3.11 Continue to Assess Financial Market Transformation & NYGB Impact ........................................ 49 3.3.12 Ongoing Impact – Metrics, Data Collection & Reporting ............................................................... 49 3.3.13 Maintain Transparency .................................................................................................................. 50 3.3.14 Maintain Self Sufficiency by Strengthening Operations ................................................................ 50 3.3.15 Staff Recruitment, Development, Diversity & Inclusion ................................................................. 51 Part IV: Glossary & Definitions 4. Glossary & Definitions .................................................................................................................................. 53 Figures Figure 1: Mission Statement .......................................................................................................................................5 Figure 2: Key Investment Criteria ...............................................................................................................................6 Figure 3: First-Year & Lifetime Direct Impact Benefit Calculation Methodology ..................................................... 12 Figure 4: Estimating Direct Impact & Reporting Benefits ........................................................................................ 13 Figure 5: 2018 – 19 Overarching Objectives & Summary Results .......................................................................... 15 Figure 6: Case Example: Solar
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