New York holds 500MW-plus PV auction, confirms 6GW target

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Some 150 investors and developers gathered for the networking auction at the NYSE this week (Credit: Flickr / Images George Rex)

A wide-ranging set of mid- to late-stage solar projects have secured potential investor backers at a New York Stock Exchange (NYSE) event, billed as the first of its kind.

A session arranged this week by FTI Capital Advisors on the NYSE trading floor saw investors bid for over 1GW worth of renewables, more than half solar PV.

Unidentified parties in the attending crowd of investors and sponsors landed exclusivity rights for a 571MW pipeline of four PV projects in Michigan, Ohio, New Mexico and Texas.

The utility-scale four – all eligible for investment tax credit support – were joined by a community solar scheme in Washington DC, which also found a suitor.

The evening did not produce financial commitments, FTI noted, adding that conversations to that end will now get underway between winning bidders and the developers.

The NYSE event, the firm said, symbolises how far renewables have come in their journey to the mainstream as an “attractive asset class” for equity plays.

6GW of state-wide PV by 2025

Some 250 miles northwest, New York state governor Andrew Cuomo guested on a Syracuse radio station to mark the passing of sweeping climate legislation.

The deal rubberstamped by the governor and the New York legislature mandates 85% greenhouse gas emission cuts across the state by 2050, as well as net zero emissions.

Billed by Cuomo as the “most aggressive” climate mandate in the US to date, the plan requires renewables to power over 70% of New York state’s electricity needs by 2030.

As noted by US solar trade body SEIA, the legislation would see 6GW of solar – enough to sustain one million households – rolled out by 2025.

“These new targets and other provisions in the bill will attract significant solar investment to the Empire State and create thousands of good jobs,” said Sean Gallagher, SEIA’s VP of state affairs.

The spotlight on New York solar comes as the US-wide ecosystem experiences a bullish first quarter. There is concern that policy gaps could hamper the financing flows the industry needs, however.

See here for more information on New York State's climate and energy plan

Solar finance trends and challenges will take centre stage at Solar Media's Solar & Storage Finance USA, to be held in New York on 29-30 October 2019

Read Next

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
Three US utilities have hit out at proposed changes to Texas’s energy market that they say would lead to new costs for solar facilities and curb investment in the state’s renewables sector.
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
While recent solar auctions in Spain and Portugal have made headlines with low prices and high levels of participation, the power purchase agreement market will be key to helping both countries reach their 2030 solar deployment targets, it was suggested during a panel discussion.
April 8, 2021
Green hydrogen may become cheaper than natural gas by 2050, falling by 85% over the next 30 years, but declining costs in the solar sector will be crucial for the nascent technology's growth.
March 31, 2021
Danish renewables developer European Energy is expanding its operations into the US market, announcing plans for a 300MW solar project in Texas.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021