New York’s Third Large-Scale Renewable Purchase Expected to Draw $1 Billion Investment
Democratic Governor Andrew Cuomo on April 23 announced a solicitation for large-scale renewable energy projects in a series of annual procurements under New York’s Clean Energy Standard, which requires half the state’s electricity to come from renewable energy by 2030. The competition is expected to spur over $1 billion in private investment and support around 1.5 million megawatt-hours of electricity per year.
In the last two solicitations, New York awarded $2.9 billion in contracts to 46 onshore wind and solar projects, facilitating $7 billion in direct investment. These projects are expected generate over 7.1 million megawatt-hours per year. Recently awarded bid prices were 23 percent lower than those awarded two years ago.
In the latest selection, the state will provide bonus points for projects that avoid overlap with land of agricultural importance and encourage proposals that cost-effectively pair with advanced battery technologies.
Initial submissions are due by June 13. The New York State Energy Research and Development Authority expects to announce the awards in November.