NY Offers $250M for Clean Energy Projects

July 31, 2014 By Karen Henry

NYTimesSq-energy-manageNew York Gov. Andrew Cuomo announced $250 million to fund large-scale clean-energy generation projects such as wind farms, fuel cells, biomass facilities, renewable biogas and the upgrading of small- to medium-sized hydropower projects.

Contracts for these projects will be awarded for terms of up to 20 years. Funding will be provided by the New York State Energy Research and Development Authority (NYSERDA) through the State’s Renewable Portfolio Standard (RPS), which is New York’s primary policy to promote the development of new renewable energy resources. NYSERDA’s previous eight RPS Main Tier solicitations for large-scale renewable projects have resulted in about 1,900 MW of installed capacity at 65 projects that generate more than 4.6 million megawatt-hours of renewable energy annually. A recent Public Service Commission order instructed NYSERDA to issue at least one more RPS solicitation in 2015, and double the length of current contract terms to 20 years.

Changes in this solicitation will increase the feasibility of developing large renewable energy generation projects in New York State that will spur economic opportunities, according the NYSERDA.

Earlier this year, Gov. Cuomo unveiled the Reforming Energy Vision, an initiative in which utilities will actively manage and coordinate a wide range of distributed resources or generate electricity from many small energy sources and link them together.

Photo via Shutterstock.

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