The NY Green Bank has closed a $25 million senior loan to support Plug Power’s deployment of 1,300 fuel cells in New York during the next three years.
The cells will be deployed to distribution centers for Walmart, Home Depot and other companies. NY Green Bank is incentivizing Plug Power to create as many as 100 jobs. The deal, which is the first for The NY Green Bank in the fuel cell sector, is expected to encourage interest in the technology from “banks and other capital providers,” according to the press release.
Plug Power is headquartered in Latham, NY. The New York Green Bank is a division of the New York State Energy Research and Development Authority (NYSERDA).
In September, NYSERDA announced $10 million in funding to promote energy efficiency and cost reductions at industrial and manufacturing sites in the state.
The On-Site Energy Manager Initiative, which launched this week, will provide $7 million in funding in partnership with large and medium-size industrial facilities to demonstrate the benefits of retaining a full-time on-site energy manager.