Catalyze has secured $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), to support a 79 MW portfolio of community distributed generation (CDG) solar projects across the stands.
The transaction is in line with the bank’s commitment to a just energy transition by requiring that a percentage of solar projects benefit underserved communities in order to receive financing.
“We are excited to leverage our extensive community solar expertise to ensure the success of NY Green Bank’s term loan to support a community distributed generation portfolio (CDG),” said Jared Haines, CEO of Catalyze.
“CDG is one of the most effective ways to make 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 fair energy solutions,” added Andrew Kessler, President of NY Green Bank.
“As our first term loan utilizing a sale-leaseback structure for a CDG portfolio, coupled with a minimum 65% subscriber engagement serving historically underserved communities, this transaction underscores NY Green Bank’s unique ability to deliver innovative financing solutions that support the fair distribution of clean raw materials. energy.”
