The New York State Public Service Commission has approved a 10-year, USD 5 billion Clean Energy Fund to advance wind, solar, energy efficiency and other clean tech industries, the state’s Governor Andrew Cuomo announced.
The fund is expected to attract and leverage third-party capital to support the recently launched Clean Energy Standard’s goal to meet 50 percent of the state’s electricity needs with renewable resources by 2030.
“New York is a national leader in combating climate change and growing the clean energy economy – and today we are taking the next big step forward,” Governor Cuomo said.
“This unparalleled $5 billion investment will leverage more than $29 billion in private sector funding and open the door to new clean energy opportunities for years to come. We are raising the bar when it comes to increasing the use of renewable energy and reducing harmful carbon emissions, and I am proud that the Empire State is continuing to set the example for the future.”
The fund will be administered by the New York State Energy Research and Development Authority. USD 2.7 billion will go towards market development and stimulation of consumer demand for clean energy alternatives.
NY Green Bank will get USD 782 million to expand the availability of capital and increase confidence in lending for clean energy projects. The fund will increase the NY Green Bank’s total investment to USD 1 billion and will leverage an estimated USD 8 billion in private investment.
USD 717 million will be allocated for innovation and research to help spur innovations through research and technology development that will drive clean-tech business growth and job creation while providing more energy choices to residential and business customers.
Governor Cuomo announced the advancement of the Clean Energy Fund earlier this month in his State of the State address, where he also revealed the state’s plan to start a USD 5 million project to set up the New York Offshore Wind Master Plan.