Clean Energy Group Receives Financing for New York Community Solar Project
A company that supports solar power and battery energy storage systems (BESS) is part of a project that will support a portfolio of community solar projects across the state of New York.
Houston, Texas-headquartered Catalyze, which finances, builds, owns, and operates solar and BESS installations, on May 15 said it had 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. The installations will be designed to provide renewable energy to disadvantaged communities, and also are part of New York’s strategy to meet the state’s decarbonization goals.
“We are excited to leverage our extensive community solar expertise to ensure the success of NY Green Bank’s term loan supporting a community distributed generation (CDG) portfolio,” said Jared Haines, CEO of Catalyze. “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.”
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The transaction announced Wednesday advances NY Green Bank’s commitment to an equitable energy transition by requiring that a significant percentage of solar project subscribers benefit disadvantaged communities. The deal will advance New York State’s Climate Leadership and Community Protection Act goal of installing 6 GW of distributed solar by 2025, on the path to 10 GW by 2030.
“NY Green Bank is pleased to support Catalyze, which is increasingly focused on New York State-based CDG solar projects and equitable energy solutions,” said Andrew Kessler, president of NY Green Bank. “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.”
This loan continues Catalyze’s growing presence in New York State, having recently announced projects reaching operation in Lancaster and Amherst. The company is leveraging its proprietary suite of technology to bring innovative solar development practices to the region.
—POWER edited this content, which was contributed by a public relations firm representing Catalyze.