New York State Governor Andrew Cuomo has unveiled $150m funding for renewable energy projects across the state.
The funding, which will facilitate public-private partnerships, will be used to construct and expand large solar, wind, hydro and other renewable energy projects to meet state goal of 50% renewables by 2030.
Contracts will be awarded for a term of about 20 years.
Cuomo said: "This state is a national leader in combating climate change and with this investment, we are taking our unprecedented efforts one more step toward a cleaner and greener New York.
"This funding will advance large-scale energy projects, continue build a clean energy economy, and generate opportunity for New Yorkers for generations to come."
New York State Energy and Finance chairman Richard Kauffman said: "This $150 million investment will spur the development of renewable energy projects across the state, create new jobs, and help achieve the Governor’s aggressive goal of 50 percent renewables by 2030."
The New York State Energy Research and Development Authority (NYSERDA) will provide support for the new large-scale projects in its final solicitation via Renewable Portfolio Standard.
The Public Service Commission is considering New York State’s future large-scale renewables strategy through the Clean Energy Standard.
According to New York State’s Governor’s Office, for every $1 invested in Main Tier projects, the state will realize $3 in economic benefits.
The development of Main Tier projects is expected to result in more than $3bn of direct investments.