Funding Will Increase Investments in Wind, Hydroelectric, Solar, Biomass, and Other Renewables
January 24, 2011
Albany, NY — The New York State Energy Research and Development Authority (NYSERDA) and the Public Service Commission has announced that approximately $250 million is available to fund a broad range of renewable energy generation projects that will reduce harmful greenhouse gas emissions and help build a clean-energy economy in New York State.
Supported by the state’s Renewable Portfolio Standard (RPS), the funds will be awarded competitively through a solicitation released today for electric generation projects using wind, hydroelectric, biomass or other clean-energy resources. Awards under this solicitation are expected to be announced in April.
Under the RPS program, NYSERDA has awarded funding on a competitive basis to 39 large-scale renewable electricity generators that are expected to produce enough electricity to provide 4.3 million megawatt-hours of renewable energy per year. These include three biomass facilities, one landfill biogas operation, 21 hydroelectric upgrades, and 14 wind farms.
New York’s RPS program has been highly successful at attracting investments in clean energy and diversifying the in-state resource mix. Wind capacity in operation is nearly 25 times what existed prior to the RPS Program and, in 2010, New York was ranked first in the Northeast and eighth nationally in installed wind capacity.
NYSERDA President and CEO Francis J. Murray, Jr. said, “The RPS program has been instrumental in attracting private, green-energy investment here in New York State. By building our clean-energy infrastructure, we will create jobs, improve our environment and strengthen our energy resources.”
Public Service Commission Chairman Garry Brown said that continued implementation of the RPS program allowed New York to take greater control of its energy future.
"This renewable energy program has been a key element for obtaining a more diversified energy portfolio for New York State, as well as helping to create much-needed clean energy jobs," Brown said. “Moving forward with this solicitation reaffirms the important value we place on the development of the clean energy sector.”
It is estimated that the projects currently in the program will deliver to New York more than $4.5 billion in economic benefits over the next 20 years. These benefits will come in the form of long-term and short-term jobs, property tax payments to local towns, schools, and counties, in-state purchases of goods and services, land lease payments to landowners, and various other economic benefits.
Coupled with the release of this latest competitive solicitation, NYSERDA has also posted on its website a schedule of future solicitations, which are expected to take place at least annually over the next several years.
Information on the RPS program can be found on NYSERDA’s website: NYSERDA Renewable Portfolio Standard
Last Updated: 01/22/2014