Gov. Andrew M. Cuomo, D-N.Y., has announced that $250 million is available to fund large-scale clean energy projects such as wind farms, fuel cells, biomass facilities, renewable biogas, and hydropower upgrade projects.
‘With access to some of the brightest minds in the country, as well as an abundance of renewal natural resources, New York has been a leader in renewable energy development and is committed to building a diversified, modern power grid,’ says Cuomo. ‘This investment will help us reach this goal by driving the development of new projects and boosting economic growth in the process.’
Funding will be provided by the New York State Energy Research and Development Authority (NYSERDA) through the state's renewable portfolio standard (RPS), and contracts for these projects will be awarded for a term of up to 20 years.
NYSERDA says its previous eight RPS Main Tier solicitations for large-scale renewable projects have resulted in approximately 1.9 GW of installed capacity at 65 projects. A recent New York Public Service Commission order instructed NYSERDA to issue at least one more RPS solicitation in 2015, as well as to double the length of current contract terms to 20 years.
‘In keeping with Governor Cuomo's energy priorities, changes in this solicitation will increase the feasibility of developing large renewable energy generation projects in New York State that will spur economic opportunities,’ comments John B. Rhodes, president and CEO of NYSERDA. ‘We expect this updated program design to attract greater private-sector investment to help reduce strain on the electric grid and protect the environment.’
NYSERDA says that for every dollar New York invests in RPS Main Tier projects, the state realizes an additional $3 in economic benefit. More than $2.7 billion of direct investment in New York State is expected to occur as a result of existing Main Tier projects in the form of jobs, payments to public entities, in-state purchase of goods and services, and land leases.
More information about the ninth Main Tier solicitation is available here.