Catalyze, a company specializing in clean energy transition, announced today that it has secured significant financing from NY Green Bank, an arm of NYSERDA (The New York State Energy Research and Development Authority). This $100 million financing will be used to develop and build a 79 megawatt (MW) portfolio of solar CDG (community distributed generation) projects across New York State. On the other hand, this initiative is aligned with the goal of the New York State Climate and Community Protection Act. It aims to install six gigawatts of distributed solar power by 2025 and ten gigawatts by 2030.
Financing details and strategic objectives
The term loan granted by NY Green Bank uses a sale-leaseback structure for these CDG projects. This is a first for the bank in this field. The funding also ensures that a proportion of solar project subscribers come from historically disadvantaged communities. In addition to a commitment of at least 65%. This focus on energy equity is a central pillar of NY Green Bank’s mission. It reflects a deep commitment to an equitable energy transition.
Technologies and advances for project realization
Catalyze’s technologies include solar and battery storage systems, which the company finances, builds, owns and operates. Catalyze’s technological approach optimizes the capture and use of solar energy. This makes projects not only viable, but also more efficient. The integration of their proprietary technology suite helps bring innovative solar development practices to the region. The aim is to promote access to clean energy at low cost. This project is aimed at low- and moderate-income communities. Catalyze CEO Jared Haines is delighted with the collaboration:
“We’re 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.”
Andrew Kessler, President of NY Green Bank, is equally enthusiastic:
“NY Green Bank is pleased to support Catalyze, which is increasingly focusing on New York State-based CDG solar projects and equitable energy solutions.” Adding, “As our first term loan using a sell-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.”
Impact and future prospects
The collaboration between Catalyze and NY Green Bank promises to have an impact on communities across New York State. In particular, by providing increased access to solar energy and helping to meet the state’s carbon emission reduction targets. In addition, projects under development in Lancaster and Amherst are examples of how the company is expanding its footprint in the state. This shows the potential for future growth and expansion of large-scale renewable energy initiatives.
The partnership between Catalyze and NY Green Bank is a model of innovation and commitment to sustainability and equity. This financing is a step forward in realizing New York’s energy ambitions. Indeed, it shows how strategic collaborations can catalyze progress towards a cleaner, fairer energy future.
