Alfred Griffin, a veteran banker at Citigroup Global Markets Inc., has been appointed president of the recently launched New York Green Bank by Gov. Andrew M. Cuomo.
A $1 billion initiative to leverage more private sector financing for clean energy projects in the state, the Green Bank is expected to offer its initial financial products in early 2014. The New York State Energy Research and Development Authority is seeking approval from the state Public Service Commission to use approximately $165 million in uncommitted agency funds for the Green Bank”™s initial capitalization.
The state will partner with lenders from the private sector by providing financial products that can address market barriers that currently limit the flow of private sector capital into otherwise attractive renewable energy and energy efficiency projects.
Griffin, a New York City resident, has worked at Citigroup since 1997, where he specialized in structured finance with roles in corporate and investment banking, capital markets and risk management. His work with multiple asset classes and industries includes alternative energy and new product development to finance renewable energy generation and energy efficiency.
“As a leader in developing innovative financial solutions for clean energy clients, Alfred brings the ideal background and credibility to this public-private partnership,” Richard Kauffman, NYSERDA chairman and state chairman of energy and finance, said in the announcement.
Marshal Salant, managing director and global head of alternative energy finance at Citigroup, in the announcement said Citi “applauds New York State”™s establishment of a Green Bank to help scale the renewable energy and energy efficiency markets and to catalyze deployment of private capital”¦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.”
State officials noted that Griffith is the fourth addition this year to the state”™s energy leadership team. Cuomo appointed Kauffman as chairman of energy and finance for New York and chairman of NYSERDA, John Rhodes as president of NYSERDA, and Audrey Zibelman as chairperson of the Public Service Commission.
Together with Gil Quiniones, president and CEO of the New York Power Authority, the first-year appointees are designing and implementing the governor strategic statewide plan to scale up clean energy, enhance New York”™s competitiveness for clean energy businesses and make the state”™s energy systems more resilient.
