New York Makes Historic Investment In Renewable Energy

According to the New York State Energy Research and Development Authority (NYSERDA), which selected the new projects through a competitive process, a total of $1.4 billion will advance 26 large-scale renewable energy projects across New York. In addition to 22 utility-scale solar farms, other projects include three wind farms and one hydroelectric project. One of the wind farms features an energy storage component, marking the first time a large-scale renewable energy project has done so in New York State, claims NYSERDA.

Several projects will break ground as early as April, and all projects are expected to be operational by 2022, adding over 1,380 MW of capacity and generating over 3,200,000 MWh annually.

NYSERDA says the projects are expected to generate enough renewable energy to power more than 430,000 homes and create over 3,000 short- and long-term well-paying jobs. The projects also advance the Clean Climate Careers initiative, announced by Cuomo in June 2017. The initiative focuses on accelerating renewable energy and energy efficiency to make New York home to 40,000 new, good-paying clean energy jobs by 2020.

Award recipients were chosen from a pool of 88 applications from 30 clean energy developers. During the competitive selection process, bonus points were awarded to renewable energy projects that demonstrated a commitment to the creation of local jobs and the use of locally manufactured components. The two-step review process also included non-price criteria to evaluate the applications. The criteria included scoring for the developer’s experience in constructing and financing renewable projects; the developer’s previous project development experience in New York; and the project’s development status related to grid interconnection, permitting and site control. Proposals were reviewed and scored by a technical committee of professional independent evaluators.

According to NYSERDA, the projects represent a significant step in advancing Cuomo’s Clean Energy Standard, mandating that 50% of New York’s electricity comes from renewable energy sources by 2030. The new $1.4 billion investment is expected to spur over $3 billion of direct investment over the life of the projects, with support provided by NYSERDA. The weighted average award price for this solicitation is $21.71/MWh of production over the 20-year term of the awarded contracts – which is 11% less than the price awarded through the last two prior years’ awards, says NYSERDA.

“This is an historic moment for New York as we make the largest purchasing commitment to renewable energy by a state in the history of our country,” comments Alicia Barton, president and CEO of NYSERDA. “Achieving 50 percent of New York’s electricity from renewable sources by 2030 is a cornerstone of Governor Cuomo’s nation-leading agenda to fight climate change, and I look forward to watching these projects create jobs, expand our clean energy economy, and provide New Yorkers with clean, reliable power for decades.”