Gov. Andrew Cuomo announced today that he has appointed a Alfred Griffin, who has worked for Citigroup Global Markets since 1997, as president of the New York Green Bank, a $1 billion initiative to expand the state’s green economy by leveraging private sector financing for clean energy projects. The goal of the program is to create jobs and make communities in New York more sustainable.
The Green Bank will partner with private sector lenders by providing financial products that address market barriers that limit capital flowing to otherwise attractive renewable green economy projects, according to Cuomo. The bank is expected to offer its first financial products in early 2014. The bank will have initial funding of about $165 million.
“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,” Cuomo said in a statement.
While at Citigroup, Griffin specialized in structured finance with roles in corporate and investment banking, capital markets and risk management.
“I am deeply honored to have been chosen to lead the State’s Green Bank and to have the confidence of Governor Cuomo to undertake such an exciting clean energy initiative,” Griffin said in a statement. “The establishment of New York’s 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.”
Griffith is the fourth addition to the state’s energy leadership team this year. Cuomo previously appointed Richard Kauffman as chairman of energy and finance for New York and chairman of the New York State Energy Research and Development Authority; John Rhodes as president of NYSERDA; and Audrey Zibelman as chair of the state’s Public Service Commission.