Available to support public-private sector partnerships in clean energy projects as part of the State’s Reforming the Energy Vision (REV) strategy, the funding will be administered competitively, and proposals will improve energy affordability and reliability, while expanding new economic development opportunities and protecting the environment.
New York Governor Andrew Cuomo said: "This funding is a crucial resource for the development of New York’s clean energy infrastructure, and by supporting large scale projects we are ensuring that the grid can meet the needs of a growing economy.
"Investing in these kinds of projects is another example of how we are building a cleaner and more sustainable future in New York State, and I look forward to seeing that progress unfold in the years ahead."
Specifically, the funding will support significant private investment in renewable energy sources such as wind farms, fuel cells, biomass facilities, renewable biogas and the modernisation of small- to medium-sized hydropower projects that supply power to the electric grid.
NYSERDA President and chief executive officer John Rhodes said: "The large clean energy projects that are made possible by this RPS investment will have a positive impact on the environment and the economy of New York State."
Contracts for clean energy projects are scheduled to be awarded for a term of up to 20 years, and will also be open to fuel cell projects for the first time ever, recognizing the maturation of fuel cell equipment.
NYSERDA will support the projects through the Main Tier of the State’s Renewable Portfolio Standard, which is New York’s primary policy to promote the development of new large-scale renewable energy resources.
Image: The New York State plans to invest $160m on development and expansion of a range of new clean energy projects. Photo: courtesy of KROMKRATHOG/©2015 FreeDigitalPhotos.net / Wagging Dog Media Limited.
