Open NJGB Opportunities
Please check back shortly for more information about forthcoming NJGB products and available applications. Thank you!
NJGB Debt Financing Expression of Interest
Through this Expression of Interest (“EOI”) Form, the New Jersey Green Bank (“NJGB”) hopes to gather high-level project information from parties interested in seeking one of the following types of debt financing: senior debt, subordinate debt, or mezzanine financing. Submission of this EOI Form is intended to facilitate discussion about the eligibility of a proposed project and its alignment with the NJGB’s goals.
To be eligible for NJGB debt financing, a borrower must propose projects or a portfolio of projects that are located in New Jersey, use a clean energy technology that has already been demonstrated in the United States, lead to a reduction in greenhouse gas (“GHG”) emissions and/or criteria pollutants in the State over the life of the project, require a minimum one million dollars ($1,000,000) in NJGB debt support and a maximum of ten million dollars ($10,000,000) in NJGB debt support, and fall into one of the following categories related to the State’s climate goals:
- Solar generation, including transmission, interconnection and associated site remediation costs
- Onshore and offshore wind generation
- Offshore wind supply chain development
- Geothermal energy
- Zero-emission vehicles
- Zero-emission vehicle charging or fueling infrastructure
- Electric battery storage
- Existing building retrofits
- New net-zero building development
Following the NJGB’s review of the EOI submission and any supplementary discussions with the interested party, NJGB staff will recommend that prospective borrowers with transactions that meet the NJGB’s eligibility criteria formally apply for NJGB debt financing, starting with Part 1 of a two-part application. Please review our Pilot Debt Product for full eligibility criteria.
Debt Financing Criteria
Financing Need:
up to 90% of a project’s total cost; transaction size $1-10M
Loan Term:
up to 80% of the useful life of any financed asset, or 25 years, whichever is sooner
Desired Transaction Type:
senior, subordinate, or mezzanine debt
Eligible Borrowers
Private, for-profit entities
Non-profit entities
Academic institutions
Municipalities & Counties
Municipal, county, regional or state redevelopment agencies/ independent authorities
Eligibility Criteria
Be located in New Jersey
Reduce or avoid GHG emissions and reduce or avoid emissions of other air pollutants.
Utilize only commercial technologies (deployed for commercial purposes at least 3 times for a period of at least 5 years in the United States)
Require a minimum $1,000,000 and a maximum of $10,000,000 in NJGB debt support
Have a minimum debt service coverage ratio of one (1.0)
Have an equity commitment from a Sponsor
Please review Pilot Debt Product [link] for complete eligibility criteria and related definitions
CONTACT US
CONTACT INFORMATION
If you have a question, issue, or inquiry for the NJ Green Bank, you may contact us via the following methods:
· Mailing Address: PO Box 990, Trenton, NJ 08625-0990