NY Green Bank to provide $100 million financing to Catalyze to develop and construct 79MW of community solar projects in disadvantaged communities while supporting New York State’s decarbonization goals
HOUSTON–(BUSINESS WIRE)–Catalyze, a clean energy transition company that finances, builds, owns and operates solar and battery storage systems, today announced that it 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 megawatt (MW) portfolio of community distributed generation (CDG) solar projects across New York State.
The transaction advances NY Green Bank’s commitment to an equitable energy transition by requiring that a significant percentage of solar project subscribers benefit disadvantaged communities. The deal will advance New York State’s Climate Leadership and Community Protection Act goal of installing six gigawatts (GW) of distributed solar by 2025, on the path to 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.”
This loan continues Catalyze’s growing presence in New York State, having recently announced projects reaching operation in Lancaster and Amherst. The company is leveraging its proprietary suite of technology to bring innovative solar development practices to the region.
About Catalyze
Catalyze is a national Energy Transition Partner that develops, finances, owns, and operates integrated renewable assets, and combines its proprietary technology, financial strength, and battery and solar energy savvy to deliver standardized, yet configurable systems that meet their partners’ unique needs. These offerings enable commercial and industrial property owners, operating companies, and their customers to extract greater value from their assets, take increased responsibility and ownership of their energy profile, and ultimately become part of the clean energy transition. Catalyze owns two proprietary technologies – REenergyzeⓇ, an origination-to-operations software integration platform that helps accelerate and scale the nationwide adoption of commercial and industrial solar and storage, and SolarStrapⓇ, a proprietary mounting technology to install rooftop panels. Catalyze is backed by leading energy investors EnCap Investments L.P. and Actis. To learn more, visit www.catalyze.com.
About EnCap
Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional investment funds totaling approximately $42 billion and currently manages capital on behalf of more than 350 U.S. and international investors. Founded in 2019, the EnCap Energy Transition platform is led by four Managing Partners, each with 30-35 years of experience in the development and operations of renewables and power generation. For more information, please visit www.encapinvestments.com.
About Actis
Actis is a leading global investor in sustainable infrastructure, delivering competitive returns for institutional investors and measurable positive impact for the countries, cities and communities in which it operates. Actis invests in structural themes that support long-term, equitable growth in defensive, critical infrastructure across energy transition, digitalisation transition, and supply chain transformation.
The firm’s decades of global experience, operational know-how and strong culture allows it to create global sustainability leaders at scale. Since inception, Actis has raised $25 billion to invest in a better tomorrow. Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI. The firm has consistently been awarded the highest rating score in the UNPRI independent assessment.
You can learn more about Actis at www.act.is.
Contacts
Media
Carlos Villacis
Antenna Group for Catalyze
