New York to Invest $250M Into Clean Energy Projects
New York Gov. Andrew Cuomo announced $250 million is available to fund large-scale clean energy generation projects such as wind farms, fuel cells, biomass facilities, renewable biogas and upgrading small- to medium-sized hydropower projects.
The state will hold a competitive solicitation to promote the development of a range of renewable energy resources. The contracts for the clean energy projects will be awarded for a term of up to 20 years.
The New York State Energy Research and Development Authority will fund the projects through the state’s Renewable Portfolio Standard—the primary policy to promote the development of clean energy.
NYSERDA’s previous eight solicitations has lead to about 1,900 megawatts of installed capacity at 65 projects that generate more than 4.6 million megawatt-hours of renewable energy annually.
Last year, Cuomo proposed creating a green bank to spur private investment in the clean economy. He also called for a state-wide electric car network and an extension to the state’s solar program. Cuomo also issued an executive order directing state agencies to increase energy efficiency in state buildings by 20 percent in seven years.
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