$150 million available for renewable New York projects
Governor Andrew M. Cuomo announced $150 million in funding to support large-scale renewable energy projects across the state.
This funding will facilitate public-private partnerships to advance the Governor’s Reforming the Energy Vision strategy and ensure the state meets its goal of generating 50 percent of its electricity from carbon-free renewable energy projects by 2030.
“This state is a national leader in combatting climate change and with this investment, we are taking our unprecedented efforts one more step toward a cleaner and greener New York,” Governor Cuomo said.
“This funding will advance large-scale energy projects, continue build a clean energy economy, and generate opportunity for New Yorkers for generations to come.”
The announcement was made by Lieutenant Governor Kathy Hochul at the semi-annual Advanced Energy Conference held at Jacob Javits Convention Center in New York City.
New York State Energy and Finance Chairman Richard Kauffman said, "New York State is demonstrating what is possible when leaders see growing the economy and protecting the environment as the same opportunity.
"This $150 million investment will spur the development of renewable energy projects across the state, create new jobs, and help achieve the Governor's aggressive goal of 50 percent renewables by 2030."
This $150 million competitive solicitation supports significant private investment in renewable energy sources such as solar and wind, fuel cells, biomass, renewable biogas and upgrades to hydropower projects.
Contracts will be awarded for a term of up to 20 years. More information about the solicitation process is available at nyserda.ny.gov/rfp3257.
For every $1 invested in Main Tier projects, New York realizes $3 in economic benefits.
More than $3 billion of direct investment in New York State is expected as a result of existing Main Tierprojects in the form of jobs, payments to public entities, in-state purchase of goods and services and land leases, growth in the state’s clean energy economy and reduced emissions.
NYSERDA's previous ten Main Tier solicitations for large-scale renewable projects have resulted in approximately 1,849 megawatts of installed capacity at 67 projects that will generate more than five million megawatt-hours of renewable energy annually.
NYSERDA has provided a total of $1.24 billion for Main Tier projects previously.
As a complement to the large-scale renewables funding announcement, New York State launched the New York Generation Attribute Tracking System (NYGATS), which issues certificates for all generation, including renewable energy credits (RECs) that quantify the environmental benefits – such as the lack of greenhouse gas emissions – from energy generation projects.
For more information on NYGATS and instructions on how to register, visit nygats.ny.gov. ■