The NY Green Bank, a division of the NYS Energy Research and Development Authority (NYSERDA), recently issued RFP 13, a request for proposals for financing energy storage projects.
RFP 13 invites energy storage developers and other storage market participants targeting NYS energy storage projects to propose transactions to the NY Green Bank for financing energy storage projects. Through this RFP, the NY Green Bank seeks to accelerate the deployment of energy storage projects and provide a financing framework that may be utilized in the future by equity investors and private-sector lenders. RFP 13 submissions will be evaluated on a rolling basis through a competitive process by the NY Green Bank. Instructions to apply and more information on RFP 13 can be found here.
RFP 13 is part of a statewide effort to accelerate energy storage development in New York State, which began with the state’s commitment to increase energy storage capacity as a way to assist New York in meeting its goals to increase energy generated from renewable sources and to reduce carbon emissions associated with energy generation.
On a parallel track, the NYS Public Service Commission (PSC) has also initiated a proceeding, In the Matter of Energy Storage Deployment Program (Case 18-E-0130), to put policies and requirements in place to meet the state’s energy storage goals. As part of the PSC proceeding, the state’s utilities were required to issue and post RFPs soliciting energy storage projects, with responses to the RFPs due, at the latest, by October 31.
Also, as part of the December 2018 order issued in the PSC proceeding, the utilities, in addition to continuing to operate the tariffed dynamic load management (DLM) programs, are required to hold a competitive procurement for DLM resources for a minimum three-year term for the 2020 summer capability period and after. On November 15, 2019, the PSC granted a joint request by the utilities for a 75-day extension on the filing date of the utilities’ competitive procurement for DLM resources. This extension is the most recent update in the PSC’s energy storage proceeding.
Barclay Damon attorneys are available to advise on and assist with navigating potential opportunities in the NYS energy storage market and requirements related to siting NYS energy storage projects.
If you have any questions regarding the content of this alert, please contact Danielle Mettler-LaFeir, counsel, at dmettler@barclaydamon.com; Ekin Senlet, counsel, at esenlet@barclaydamon.com; or another member of the firm’s Regulatory or Environmental Practice Areas or energy team.