The New York state administration has unveiled a US$160 million programme to provide funding in public-private sector partnerships in clean energy projects.
The funding, which is part of the state’s Reforming the Energy Vision strategy, will be administered competitively, and proposals will improve energy affordability and reliability, while also expanding new economic development opportunities and protecting the environment.
“This funding is a crucial resource for the development of New York’s clean energy infrastructure, and by supporting large scale projects we are ensuring that the grid can meet the needs of a growing economy,” said Governor Andrew M. Cuomo. “Investing in these kinds of projects is another example of how we are building a cleaner and more sustainable future in New York State, and I look forward to seeing that progress unfold in the years ahead.”
REV calls for creating a cleaner, more reliable and more affordable energy system in New York State. This funding will support significant private investment in renewable energy sources such as wind farms, fuel cells, biomass facilities, renewable biogas and the upgrading of small- to medium-sized hydropower projects that provide power to the electric grid.
Contracts for these projects will be awarded for a term of up to 20 years. Recognizing the maturation of fuel cell equipment, for the first time ever, fuel cell projects will also be eligible for 20-year contracts.