Catalyze, a national independent power producer that finances, builds, owns and operates solar and battery storage systems, announced that it secured $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), to support a 79 MW portfolio of community distributed generation (CDG) solar projects across New York State.
“CDG is one of the most effective means of making solar energy more accessible to low-to-moderate income communities, and we look forward to how this partnership will support both the goals of NY Green Bank and New York State,” said Jared Haines, CEO of Catalyze.
NY Green Bank is the oldest green bank in the nation and supports the state’s green economy, which was written into law under the Climate Leadership and Community Protection Act. The Climate Act set the goal of economy-wide carbon neutrality by mandating an 85% reduction in greenhouse gas emissions by 2050 and a 100% clean electric grid by 2040. This includes a goal of installing 6 GW of distributed solar by 2025, on the path to 10 GW by 2030.
The NY Green Bank’s mission is to collaborate with the private sector to “transform financing markets in ways that accelerate clean energy investments, combat climate change, and equitably deliver both economic and environmental benefits to all New Yorkers.”
The transaction requires that a significant percentage of solar project subscribers benefit disadvantaged communities.
“As our first term loan using a sale-leaseback structure for a CDG portfolio, coupled with a minimum 65% subscriber commitment benefiting historically disadvantaged communities, this transaction underscores NY Green Bank’s unique ability to provide innovative financing solutions that support the equitable distribution of clean energy,” said Andrew Kessler, president of NY Green Bank.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.