New York commits $1.4 billion to boost large scale renewables

Governor Andrew Cuomo announced an unprecedented commitment to renewable energy. Awarding $1.4 billion, New York is now set to advance 26 large-scale renewable energy projects, including 22 utility-scale solar installations.

These projects represent a significant step in advancing the state’s Clean Energy Standard to obtain 50 percent of New York’s electricity from renewable energy sources by 2030.

Award recipients were chosen from a pool of 88 applications from 30 clean energy developers.

The state’s $1.4 billion investment is expected to spur over $3 billion of direct investment over the life of the projects, with support for these new projects provided by the New York State Energy Research and Development Authority.

The weighted average award price for this solicitation is $21.71 per megawatt hour of production over the 20-year term of the awarded contracts, which is 11 percent less than the price awarded through the last two prior year’s awards.

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