Renewable developers respond in droves to New York solicitation

Dive Brief:

New York energy officials received more than 200 proposals for large-scale clean energy projects in response to two requests for proposals backed by investment promises of up to $1.5 billion.
Solicitations managed by the New York State Energy Research and Development Authority (NYSERDA) and the New York Power Authority (NYPA) returned "creative proposals" to utilize solar, wind, hydroelectric or biomass renewable energy generation technologies to meet the state's 50% renewable energy goal by 2030.
NYSERDA received 88 proposals from 30 clean energy developers and NYPA received more than 130 proposals from 51 clean energy developers in response to the requests for proposals. The governor's office said several companies submitted proposals for both RFPs.

Dive Insight:

The response to New York's renewables solicitation is impressive and shows interest remains high in the state, as officials seek to bolster its clean energy status.

Combined, the state's two solicitations sought to procure 2.5 million MWh of electricity from renewable energy resources. According to Gov. Andrew Cuomo's office, projects submitted to NYSERDA represent more than 4 GW of renewable capacity, and projects submitted to NYPA represent more than 9 GW of potential renewable energy supply for the state.

The "robust response" gives both agencies the opportunity to select and procure the "best and most cost-effective proposals," according to the governor.

"New York is leading the nation in advancing clean energy projects to support our promise to achieve half of all electricity from renewables by 2030," Cuomo said in a statement. "This state is capitalizing on business diversity and creativity, while securing investments for real results to combat climate change."

NYSERDA's final bid proposals are due by tomorrow, with competitive selection and awards expected in November.

NYPA asaid it received many proposals incorporating an "innovative financing structure called a pre-paid power purchase agreement," which is designed to lower the financing costs, as well as costs to customers. NYPA expects to complete contracts with winning developers in the first half of 2018.