Energy Storage

New York’s Green Bank pursuing energy storage proposals

After closing on nearly $65 million in financing for renewable energy projects in the second quarter, NY Green Bank is now pursuing proposals for energy storage projects in the Empire State.

NY Green Bank, a division of the New York State Energy Research and Development Authority, is focused on accelerating clean energy development in the state by working in concert with the private sector to increase investments in New York’s clean energy markets.

Those efforts dovetail with New York's clean energy standard calling for 50% of electricity to come from renewable sources such as wind, solar, and energy storage by 2030.

NY Green Bank is a component of New York Democratic Governor Andrew Cuomo’s Reforming the Energy Vision, which aims to replace older, fossil-fuel generation with non-polluting resources as it moves away from a cost-of-service utility regime and toward market-based solutions.

With six second-quarter transactions, NY Green Bank has $522.3 million in financing to date. Those financing commitments are expected to translate into an overall sustainable infrastructure investment of $1.46 billion to $1.7 billion in the state.

Among the new transactions are two community solar investments totaling 85 MW.

Alfred Griffin, NY Green Bank president, said the six transactions “demonstrate New York’s ongoing commitment to expanding activity and private sector participation in the clean energy marketplace by providing innovative financing solutions for projects that will offer clean energy to thousands of New Yorkers across the state.”

NY Green Bank recently issued a request for information that targets energy storage market participants. NY Green Bank says it wants to aid financing energy storage projects throughout the state by addressing existing market barriers and financing gaps that could impede project development.

NY Green Bank is encouraging responses from the development and financing communities, and contractor/service providers who expect to deploy energy storage assets in the state.

Information contained in the responses will be used by NY Green Bank to develop “standard creditworthy financing approaches for energy storage projects or portfolios of projects,” the request says. Responses are due by December 31 and should be submitted by email to [email protected].

NY Green Bank also is participating in technical conferences on energy storage to ensure project developers and others seeking to take part in New York’s energy storage market are aware of NY Green Bank’s financing opportunities.

The amount of financing available from NY Green Bank for energy storage projects was not immediately available.

Since 2011, solar energy in New York state has increased by more than 1,000 percent and leveraged nearly $2.8 billion in private investments.