Catalyze, a solar and energy storage project developer, secured $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA) for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.
The transaction follows the NY Green Bank’s commitment to an equitable energy transition, by requiring that a significant percentage of solar project subscribers benefit disadvantaged communities. This arrangement follows the objectives of New York State’s Climate Leadership and Community Protection Act, aiming to install 6 GW of distributed solar power by 2025 and strive for 10 GW by 2030.
“We are 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,” said Jared Haines, CEO of Catalyze. “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.”
“NY Green Bank is pleased to support Catalyze, which is increasingly focused on New York State-based CDG solar projects and equitable energy solutions,” said Andrew Kessler, President of NY Green Bank. “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.”
The company recently acquired 12 community solar projects with a total capacity of 76.7 MW in New York from BW SOLAR.
According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
BrightNight, a renewable energy power producer, and its joint venture partner Cordelio Power, an independent renewable power producer that develops, owns, and manages renewable power facilities across Canada and the U.S., secured a $414 million construction credit facility for the development of a 300 MW Box Canyon utility-scale solar project in Pinal County, Arizona.
