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Money available to invest in clean energy projects

ALBANY - $250 million is available to fund large-scale clean energy generation projects such as wind farms, fuel cells, biomass facilities, renewable biogas, and the upgrading of small- to medium-sized hydropower projects. The competitive solicitation will promote the development of a broad range of new renewable energy resources and the contracts for these projects will be awarded for a term of up to 20 years, closer aligning New York State with neighboring states that offer similar terms.

 “With access to some of the brightest minds in the country, as well as an abundance of renewal natural resources, New York has been a leader in renewable energy development and is committed to building a diversified, modern power grid,” Governor Andrew Cuomo said. "This investment will help us reach this goal by driving the development of new projects and boosting economic growth in the process."

Funding will be provided by the New York State Energy Research and Development Authority (NYSERDA) through the State’s Renewable Portfolio Standard (RPS), which is New York's primary policy to promote the development of new renewable energy resources. NYSERDA's previous eight RPS Main Tier solicitations for large-scale renewable projects have resulted in approximately 1,900 megawatts of installed capacity at 65 projects that generate more than 4.6 million megawatt-hours of renewable energy annually. A recent Public Service Commission (PSC) Order instructed NYSERDA to issue at least one more RPS solicitation in 2015, and double the length of current contract terms to 20 years.