News / Cuomo announced $360 Million for 11 New York renewable energy projects

Cuomo announced $360 Million for 11 New York renewable energy projects

🕔 January 13, 2017
Financial close for US$200 million wind farm in Tasmania

Governor Andrew M. Cuomo has announced US$360 million in awards for 11 large-scale renewable energy projects in New York State (US).

These projects provide strong support for the Clean Energy Standard that 50 percent of New York's electricity come from renewable energy sources by 2030.

The awards will leverage almost US$1 billion in private sector investment for clean technology projects such as wind, solar, fuel cell and hydroelectric installations. The projects are expected to generate enough clean, renewable energy to power more than 110,000 homes each year and reduce carbon emissions by more than 420,000 metric tons, equivalent to taking more than 88,000 cars off the road.

The 11 projects include two wind farms, one utility-scale solar farm, seven hydro projects, and one fuel cell project, reflecting the strength and diversity of New York's clean economy under the Governor's Reforming the Energy Vision (REV) strategy. Once operational, these projects will add over 260 MW of clean, renewable energy for use in New York State.

Due to the robust response to the solicitation and the approval of the Clean Energy Standard, which calls for the development of renewable and clean energy sources under REV, the amount of the solicitation was increased US$210 million, from US$150 million to US$360 million.

Support for these new projects is being provided by NYSERDA. The weighted average award price for this solicitation is US$24.24 per MW hour of production over the 20-year terms of the awarded contracts.

These projects further New York's ambitious efforts to develop the clean energy infrastructure of tomorrow. NYSERDA's previous ten Main Tier solicitations for large-scale renewables have resulted in approximately 2,152 MW of new renewable capacity at 70 locations throughout the state, generating more than 5 million megawatt-hours of renewable energy every year. The power generated from these 70 projects is expected to provide enough clean power to supply over 825,000 homes per year, representing a total of $1.24 billion in investments in the Main Tier program.

John Rhodes, President and CEO, NYSERDA said:

"Large-scale renewables are a critical component in achieving Governor Cuomo's nation-leading energy goals of 50 percent renewable power by 2030 and a 40 percent reduction in greenhouse gas emissions over the same time. These projects will provide renewables, aggressively reduce emissions and make energy more affordable for New Yorkers."

Audrey Zibelman, Public Service Commission Chair, said:

"As a result of Governor Cuomo's nationally recognized Clean Energy Standard, New York will continue to attract billions of dollars in private investment for new renewable power supplies, developing new jobs and new choices for consumers. The projects announced today will bring significant benefits to consumers, including a cleaner environment and greater amounts of much-needed renewable energy resources."



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