Governor Andrew M. Cuomo today announced that Alfred Griffin, a banking veteran from Citigroup, has been appointed as the President of the New York Green Bank, a $1 billion initiative to leverage private sector financing for clean energy projects that will create jobs and help make New Yorks communities more sustainable.
I am pleased to welcome Mr. Griffin to my administration as we move forward on the New York Green Bank to grow our clean energy economy and create jobs for our communities, Governor Cuomo said. As President of the Green Bank, Mr. Griffin will bring invaluable experience in the banking and investment industry to help lead the initiative to finance clean energy projects and leverage private investment across the state. I look forward to working with him to build a more green and prosperous New York.
Mr. Griffin, a New York City resident, joins the Green Bank from Citigroup Global Markets Inc. where he has been employed since 1997. At Citi, Mr. Griffin specialized in structured finance with roles in corporate and investment banking, capital markets and risk management. Over his career, Mr. Griffin has worked with multiple asset classes and industries including alternative energy and new product development to finance renewable energy generation and energy efficiency.
Mr. Griffin is a graduate of the University of North Carolina at Chapel Hill where he earned his B.A. and M.B.A. degrees. He is a Chartered Financial Analyst.
"I am deeply honored to have been chosen to lead the States Green Bank and to have the confidence of Governor Cuomo to undertake such an exciting clean energy initiative," said Alfred Griffin. "The establishment of New Yorks Green Bank will demonstrate how partnerships between the public and private sectors can leverage private capital to facilitate the transition to a more cost-effective, resilient and clean energy system.
In September, Governor Cuomo announced the launch of the Green Bank with a petition filed by the New York State Energy Research and Development Authority (NYSERDA) to the Public Service Commission (PSC) seeking to use approximately $165 million in uncommitted funds for the Green Banks initial capitalization. This initial funding will permit the Green Bank to begin its work leveraging private sector financing for clean energy projects.
As a leader in developing innovative financial solutions for clean energy clients, Alfred brings the ideal background and credibility to this public-private partnership, said Richard Kauffman. As we launch the most ambitious new energy financing initiative in the nation, Alfred, with his vast financial expertise, will be a key player in Governor Cuomos effort to scale-up clean energy development and bolster our states clean energy economy.
NYSERDA is extremely pleased that the New York Green Bank will have such an accomplished and innovative leader as we work to advance Governor Cuomo's clean-energy economy, said John B. Rhodes, President and CEO, NYSERDA. The Authority has long been a partner in encouraging clean-energy investment in New York. The Governors Green Bank demonstrates just how committed the state is to innovative programs that attract private sector investment, leading to job creation and the protection of the environment.
Citi applauds New York States establishment of a Green Bank to help scale the renewable energy and energy efficiency markets and to catalyze deployment of private capital, said Marshal Salant, Managing Director and Global Head of Alternative Energy Finance, Citi. We are proud of the appointment of Alfred Griffin, a 16-year Citi veteran, to be the first President of the New York Green Bank. We look forward to working with Alfred and the Green Bank to develop innovative financing solutions that bring affordable, clean energy to all New Yorkers.
Mr. Griffin is the fourth addition to the New York State energy leadership team this year. Earlier this year, Governor Cuomo appointed Richard Kauffman as Chairman of Energy and Finance for New York and Chairman of NYSERDA, John Rhodes as president of NYSERDA, and Audrey Zibelman as chair of the States Public Service Commission. Together with Gil Quiniones, President and CEO of the New York Power Authority, they are designing and implementing Governor Cuomos strategic statewide plan to scale up clean energy, enhance New Yorks competitiveness for clean energy businesses, and make the states energy systems more resilient.
The NY Green Bank is a central component of this plan. The Green Bank will partner with lenders from the private sector by providing financial products that can address market barriers that currently limit private sector capital flows into otherwise attractive renewable energy and energy efficiency projects. The Green Bank is expected to offer its initial financial products in early 2014.
For more information on the Green Bank initiative, please visit: http://www.governor.ny.gov/NYGreenBank.