New York Power Authority Pre-Qualifies Five Additional Renewable Developers and Investors for Collaboration Opportunities

New York Power Authority Pre-Qualifies Five Additional Renewable Developers and Investors for Collaboration Opportunities

For Immediate Release:08/13/24

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New York Power Authority Pre-Qualifies Five Additional Renewable Developers and Investors for Collaboration Opportunities

Pre-Qualified Entities to Help NYPA Implement Its Expanded Authority to Build Renewables and Advance State's Climate Action Goals

WHITE PLAINS-The New York Power Authority (NYPA) has pre-qualified five additional private developers and investors to collaborate with NYPA on the development of renewable energy generating projects, including solar photovoltaic, wind, battery storage, green hydrogen, geothermal, and related transmission. Those five are in addition to the 79 entitiesselected in May-some of which were qualified only for one technology or category. They were identified through a competitive Request for Qualifications (RFQ), released in March, that sought interest and information from renewable developers outlining their experience and qualifications. The RFQ will remain open through Sept. 30, 2024. Interested applicants are encouraged to apply now through [email protected].

"We are pleased to add five more qualified entities to our growing list of developers and investors," saidNYPA President and CEO Justin E. Driscoll. "With like-minded clean energy collaborators that have a depth and breadth of expertise, we will be able to move quickly to realize new renewable energy generation that will benefit all New Yorkers."

The approved entities are prequalified for five years and may now respond to both future Requests for Proposals (RFP) or other procurement offerings from NYPA where there will be the opportunity to submit complete project proposals, including terms and costs. Respondents were assessed based on several considerations, including an evaluation of experience, financial overview, partnership structure customization and flexibility, knowledge of market dynamics and incentives, proven engagement within New York State, and team size and resources.

NYPA will continue to evaluate statements of qualifications it receives from additional entities that are interested in co-development or co-investment opportunities through September 30, when this RFQ closes. Companies that do not qualify for this solicitation may respond to similar future procurement actions that better align with their business models.

"Five more qualified organizations have met our criteria," said Vennela Yadhati, NYPA vice president of renewable project development. "We are very pleased with the continued response and encourage all those who are interested to please apply by September 30."

A robust response to an earlier NYPA Request for Information, as well as discussions with stakeholders, including those consulted in NYPA's first annual conferral processcompleted late last year, helped inform the prequalification process.

NYPA is proceeding with a planning process that will include conferrals and public hearings this Fall on its renewable energy developmentstrategic plan, which NYPA will publish in January 2025.The 2023-24 Enacted State Budget provided NYPA with enhanced authority to plan, design, develop, finance, construct, own, operate, maintain and improve renewable energy generation and storage projects-either alone or in collaboration with other entities-to help support the state's renewable energy goals in the Climate Leadership and Community Protection Act, maintain an adequate and reliable supply of electric power and energy in the state, and support the new REACH program, which will enable low-income and moderate-income electricity customers to receive bill credits through the production of renewable energy by NYPA.

The Power Authority's positive impact on New York's carbon footprint dates to the 1950s and 1960s when it constructed the state's largest hydroelectric power plants in Niagara and Massena. Over decades of innovation-from modernized generation and transmission to renewable energy and clean transportation-NYPA is now well-positioned to help the state move into the next era of renewable energy production and realize its bold clean energy goals.

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New York State's Nation-Leading Climate Plan

New York State's climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent, of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation's most aggressive climate and clean energy initiatives, New York is advancing a suite of efforts - including the New York Cap-and-Invest program (NYCI) and other complementary policies - to reduce greenhouse gas emissions 40 percent by 2030 and 85 percent by 2050 from 1990 levels. New York is also on a path to achieving a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy-wide carbon neutrality by mid-century. A cornerstone of this transition is New York's unprecedented clean energy investments, including more than $28 billion in 61 large-scale renewable and transmission projects across the State, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, nearly $3 billion for clean transportation initiatives and 130 certified Climate Smart Communities, nearly 500 Clean Energy Communities, and the State's largest community air monitoring initiative in 10 disadvantaged communities across the State to help target air pollution and combat climate change.

About NYPA

NYPA is the largest state public power organization in the nation, operating 17 generating facilities and more than 1,550 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit www.nypa.govand follow us on Twitter, Facebook, Instagram, Tumblrand LinkedIn.

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