Catalyze, a company specializing in the financing, construction, ownership, and operation of solar and battery storage systems, has announced the securing of $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA). This funding will support a 79 megawatt (MW) portfolio of community distributed generation (CDG) solar projects across New York State.
The transaction aligns with NY Green Bank’s commitment to an equitable energy transition, requiring that a significant percentage of solar project subscribers come from disadvantaged communities. This initiative supports New York State’s Climate Leadership and Community Protection Act, which aims to install six gigawatts (GW) of distributed solar by 2025, with a target of 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.”
Andrew Kessler, President of NY Green Bank, added, “NY Green Bank is pleased to support Catalyze, which is increasingly focused on New York State-based CDG solar projects and equitable energy solutions. 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.”
This loan marks another step in Catalyze’s expanding presence in New York State. The company recently announced the completion of projects in Lancaster and Amherst and is using its proprietary technology suite to bring innovative solar development practices to the region.
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