New York governor Andrew Cuomo announced on Tuesday that the state was to invest $160 million on building and expanding renewable energy projects.
Cuomo said the fund will be used to finance large-scale wind, solar and hydro power projects, besides those using other renewable sources.
The state plans to increase the share of electricity generated from renewable energy sources through the measure.
This will be the tenth round of state funding through the New York State Energy Research and Development Authority for large-scale renewable energy projects.
Earlier the state had funded 65 projects, including the Steel Winds wind farm in Lackawanna, with a total installed capacity of 2,000 megawatts of electricity at present.
Once completed and commissioned for commercial operations, these projects are expected to cumulatively generate more than 5 million megawatts annually.
The state has announced that its funding will be in tandem with private investment for greater amounts on wind farms, fuel cells, biomass facilities, renewable biogas and the upgradation of small- to medium-size hydropower projects.
Contracts under the program, including those for fuel cells, will extend for 20 years.
“While we envision a more localized power grid in the future, it is imperative we ensure our large-scale generation sources are as clean as possible,” Richard Kauffman, New York chairman of energy and finance in the governor’s office, said in a statement.
According to the governor’s office, the state is investing in such projects considering the possible economic benefits. For every $1 invested, the state realizes $3 according to Cuomo.
Cuomo said funding was a “crucial resource” for the development of cleaner and more sustainable energy.
Ajith Kumar S