Solar, storage win big in $2.7 bn New York tender

Jun 3, 2022 04:17 PM ET
  • Move is the State's biggest land-based renewable energy deal to date
Solar, storage win big in $2.7 bn New York tender
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New York City Governor Kathy Hochul (pictured) has announced awards for 22 large-scale solar and also energy storage projects that are anticipated to deliver enough clean, budget friendly energy to power over 620,000 New York homes for at the very least 20 years.

As the state's largest land-based renewable energy procurement to date, these projects will stimulate over $2.7 bn (EUR2.5 bn) in private investment as well as develop over 3,000 short- and also lasting jobs throughout the state.

The honors speed up progression to exceed New York's goal to obtain 70% of the state's electricity from renewable sources by 2030 on the path to a zero-emission grid by 2040 as needed by Climate Leadership and Community Protection Act.

These awards are anticipated to strengthen the state's current pipe of renewables to power over 66% of New york city's electricity from renewable sources.

Hochul stated: "Today's investments will certainly put us on a path to making New york city a greener area to live while likewise developing new jobs and also stimulating economic developmen.

" These projects will certainly enable us to not simply satisfy but exceed our objective of obtaining 70% of our electricity from renewable energies and will certainly additionally seal New York as a national leader in the battle versus climate change."

Among those selected were five Boralex solar farms completing 540MW of generation and also 77MW of storage.

Boralex president Patrick Decostre stated: "Today's statement solidifies Boralex's role in New york city State's power market throughout this essential expansion of renewable electricity generation.

" These projects display the calculated, creative strategies to solar farm development and also community engagement our reputation is improved.

" I am proud of the Boralex group and also their efforts to develop clean, affordable energy."

To additionally New york city State's objective of 70% renewable electricity by 2030, NYSERDA launched its 5th request for proposals April 2021 for the purchase of New York Tier-1 Eligible Renewable Energy Certificates (RECs).

RECs represent renewable electricity entering the electricity grid. Each REC equals the ecological qualities of one megawatt hour of electricity produced from a renewable resource, such as solar.

The statement begins a procedure for Boralex as well as NYSERDA to perform 20-year Renewable Energy Standard Agreements for the purchase of RECs associated with the power production of the chosen projects.

The power connected with the RECs should be consumed within New York State.

The price of the RECs will be indexed to a referral power and capacity rate, which will certainly hedge the projects' seller energy and also capacity revenues, preventing a demand for the projects to obtain a different long term offtake agreement for the sale of power and capacity.

NYSERDA president and chief executive Doreen M Harris stated: "The large-scale solar projects revealed today, consisting of five Boralex projects, bring New york city State significantly closer to reaching our clean energy objectives and also transitioning us toward a zero-emission electricity system.

" NYSERDA anticipates dealing with Boralex to guarantee these projects are sophisticated sensibly and with local input to permit host communities to understand the crucial jobs and also financial investments that will originate from these solar farms."

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