Catalyze, a national independent power producer that finances, builds, owns and operates solar and battery storage systems, announced that it 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 across New York State.
“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,” said Jared Haines, CEO of Catalyze.
NY Green Bank is the oldest green bank in the nation and supports the state’s green economy, which was written into law under the Climate Leadership and Community Protection Act. The Climate Act set the goal of economy-wide carbon neutrality by mandating an 85% reduction in greenhouse gas emissions by 2050 and a 100% clean electric grid by 2040. This includes a goal of installing 6 GW of distributed solar by 2025, on the path to 10 GW by 2030.
The NY Green Bank’s mission is to collaborate with the private sector to “transform financing markets in ways that accelerate clean energy investments, combat climate change, and equitably deliver both economic and environmental benefits to all New Yorkers.”
The transaction requires that a significant percentage of solar project subscribers benefit disadvantaged communities.
“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,” said Andrew Kessler, president of NY Green Bank.
