New York state to invest $150m in clean energy development

21 April 2016 (Last Updated April 21st, 2016 18:30)

New York is to invest $150m in large-scale renewable energy projects, in a bid to achieve a clean electricity target of 50% by 2030.

New York

New York is to invest $150m in large-scale renewable energy projects, in a bid to achieve a clean electricity target of 50% by 2030.

The investment will advance Governor Andrew M. Cuomo's Reforming the Energy Vision strategy, which aims to build a cleaner and affordable energy system in the state by stimulating investment in clean technologies such as solar, wind, and energy-efficiency.

The state will award 20-year contracts to facilitate public-private partnerships for solar and wind, fuel cells, biomass, renewable biogas and upgrades to hydropower projects.

New York State Energy Research and Development Authority (NYSERDA) will also support the development of the proposed projects in its final solicitation through the main tier of the state's renewable portfolio standard.

NYSERDA president and CEO John B. Rhodes said: "Large-scale renewable energy projects curb greenhouse gas emissions, promote a cleaner environment for New Yorkers, bring jobs and an added tax base to rural areas, and reduce electricity price volatility.

"This funding will advance large-scale energy projects, continue to build a clean energy economy, and generate opportunity for New Yorkers for generations to come."

"By stimulating private investment in these projects, New York State is advancing Governor Cuomo's bold vision for New York's energy future."

To date, NYSERDA has provided nearly $1.24bn for Main Tier projects. Its previous ten Main Tier solicitations for large-scale renewable projects witnessed the addition of nearly 1,849MW of capacity at 67 projects. These will generate more than five million megawatt hours of renewable energy per annum.

Cuomo said: "This state is a national leader in combating climate change and with this investment, we are taking our unprecedented efforts one more step toward a cleaner and greener New York.

"This funding will advance large-scale energy projects, continue to build a clean energy economy, and generate opportunity for New Yorkers for generations to come."


Image: The state will award 20-year contracts to facilitate public-private partnerships for renewable energy projects. Photo: courtesy of governor.ny.gov.