Cuomo announces US$360m for large-scale renewable energy projects in New York

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Under the new Reforming the Energy Vision, New York is stepping up its renewable procurement to meet its RPS. Source: Flickr/Shinya Suzuki

New York governor Andrew Cuomo announced US$360 million in funding for 11 large-scale renewable energy projects in the state, last week.

The projects include a 50MW utility-scale solar farm in Coxsackie, two wind farms, seven hydro projects and one fuel-cell project.

The projects will leverage nearly US$1 billion in private investment and collectively generate enough clean energy to power more than 110,000 homes.

The plans align with the governor’s Reforming the Energy Vision (REV) strategy and will also play a key part in pushing towards the ambitious state goal of 50% renewable energy by 2030, that was announced in August

The budget for the projects was stepped up significantly under the REV; increasing from US$150 million to US$360 million. Funding for the projects will be provided by the New York State Energy Research and Development Authority (NYSERDA). The weighted average award price for this solicitation is US$24.24 per MW/h of production over the 20-year terms of the awarded contracts.

“Large-scale renewables are a critical component in achieving governor Cuomo's nation-leading energy goals of 50% renewable power by 2030 and a 40% reduction in greenhouse gas emissions over the same time,” said John Rhodes, president and CEO of NYSERDA. “These projects will provide renewables, aggressively reduce emissions and make energy more affordable for New Yorkers.”

Aside from this latest investment in clean energy, Cuomo provided US$10 million for clean energy incubator businesses, piped funding into modernising the state's grid to handle renewable variable generation and most recently commissioned a value of solar report and proposed a plan for rooftop solar for those in the low-income bracket. 

Read Next

April 28, 2021
FTC Solar has downgraded the pricing of its initial public offering (IPO) and will list at a price of US$13 per share, rather than initial target range of US$18 – 20.
April 26, 2021
New York Governor Andrew Cuomo has said more than 20 large-scale renewables projects will be under construction in the state this year, as he announced its latest clean energy solicitation.
April 20, 2021
Amazon has announced plans for nine new utility-scale solar and wind projects in the US, Canada, Spain, Sweden and the UK, putting it on track to powering all its activities with renewables by 2025.
April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.
April 14, 2021
Meyer Burger is on track to start shipments of its first heterojunction (HJ) solar modules made in Germany to distributors in July.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021