NEW YORK, April 19, 2016 /PRNewswire/ -- Today, the
New York City Energy Efficiency Corporation (NYCEEC) announced that
Bank of America extended a $10
million loan, enabling NYCEEC to increase its impact and
expand its portfolio of clean energy projects.
"The impact of our partnership with Bank of America is
significant," said Susan Leeds,
NYCEEC's Chief Executive Officer. "We're continuing to drive
innovative financing approaches that unlock value for building
owners and project developers, while advancing New York's sustainability goals."
NYCEEC finances a wide range of projects across all building
types and clean energy technologies—energy efficiency, Passive
House, cogeneration, demand management, renewables and fuel
conversions. The new capital will allow NYCEEC to finance
projects, such as a Passive House condominium in Manhattan and a deep retrofit of a 1,000+ unit
affordable housing co-op in upper Manhattan.
"We're thrilled to provide capital to NYCEEC to help finance
projects that lower the carbon emissions of buildings," said
Amy Brusiloff, senior CDFI
relationship manager, Bank of America. "With NYCEEC's strong track
record and our commitment to deliver financial solutions to support
environmentally-focused programs, this is the kind of partnership
that promotes thriving and sustainable communities."
The deal's environmental and social value is substantial. NYCEEC
estimates that fully investing the capital will create more than
220 clean energy jobs and eliminate nearly 160,000 metric tons of
greenhouse gases, which is the equivalent of planting more than 4
million trees—150 times the number of trees in Central Park.
New York City Mayor
Bill de Blasio's Office welcomed the
announcement. "Bank of America's partnership with NYCEEC
demonstrates how private-sector innovation can help scale high
performing energy design in buildings and solve financing gaps in
the marketplace," said Nilda Mesa, Director, Mayor's Office of
Sustainability. "It's a great addition to sustainability efforts
all over New York City, and this
approach is just what we need to reach our goal of reducing
greenhouse gas emissions 80% by 2050."
To date, NYCEEC has financed more than $83 million dollars of energy efficiency and
clean energy projects across 5.3 million square feet of NYC
properties.
About NYCEEC
NYCEEC is a leading non-profit finance
company that provides loans and alternative financing solutions for
energy efficiency and clean energy projects. NYCEEC finances
projects that save money, save energy and reduce greenhouse gases.
We are helping New York achieve a clean and
sustainable future. Learn more at www.NYCEEC.com and follow us
at Twitter, LinkedIn and Facebook.
About Bank of America
Bank of America is one of the
world's leading financial institutions, serving individual
consumers, small and middle-market businesses and large
corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. Bank of America Corporation stock (NYSE: BAC) is listed
on the New York Stock Exchange.
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SOURCE NYCEEC