Catalyze, an organization specializing within the financing, building, possession, and operation of photo voltaic and battery storage programs, introduced the securing of $100 million in financing from NY Green Bank, a division of New York State Energy Research and Development Authority (NYSERDA). ). This funding will assist a 79 megawatt (MW) portfolio of group distributed technology (CDG) photo voltaic tasks throughout New York State.
The transaction is in step with NY Green Bank’s dedication to an equitable vitality transition, which requires {that a} vital proportion of photo voltaic venture subscribers come from poor communities. This initiative helps New York State’s Climate Leadership and Community Protection Act, which goals to put in six gigawatts (GW) of distributed photo voltaic by 2025, with a goal of 10 GW by 2030.
“We are excited to make use of our intensive group photo voltaic experience to make sure the success of NY Green Bank’s time period mortgage supporting a group distributed technology (CDG) portfolio,” stated Jared Haines, CEO of Catalyze. “CDG is without doubt one of the handiest methods to make photo voltaic vitality extra accessible to low- to moderate-income communities, and we sit up for how this partnership will assist those self same targets in NY Green Bank and New York State.”
Andrew Kessler, President of NY Green Bank, added, “NY Green Bank is happy to assist Catalyze, which is primarily targeted on New York-based CDG photo voltaic tasks and equitable vitality options. As our first time period mortgage utilizing a sale-leaseback construction for the CDG portfolio, coupled with a minimal 65% subscriber dedication benefiting traditionally deprived communities, this transaction highlights NY Green Bank’s distinctive means to offer and revolutionary financing options that assist the equitable distribution of fresh vitality.”
This mortgage marks one other step in increasing Catalyze’s presence in New York State. The firm lately introduced the completion of tasks in Lancaster and Amherst and is utilizing its proprietary know-how suite to deliver revolutionary photo voltaic growth practices to the area.
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