In June 2022, New York Governor Kathy Hochul announced plans to develop 22 renewable energy projects which will help the state achieve its zero-emission target by 2040. The 22 projects will also help the state increase the installed solar capacity towards the targeted 10GW by 2030, an increase from their previous target of 6GW by 2025. In this article, we will discuss three green infrastructure investors that are based in New York and will play a key role when it comes to advancing the renewable energy capacity in the state and beyond.
1. Greenbacker Capital (New York, United States)
The limited liability company was founded in 2011 and specializes in managing income-generating green infrastructure projects and other energy-related businesses. The New York-based group has an installed capacity of 2.2GW across 35 states mainly consisting of solar, wind, and battery projects. Greenbacker also invests in rapidly growing green energy firms and in January 2022 an affiliated fund of Greenbacker Capital made an equity investment in US energy storage developer Delorean Power. The $20m investment will allow the company to expand and increase the capacity of battery projects across the country.
2. LS Power LLC (New York, United States)
Founded in 1990, LS Power has a prestigious track record developing and investing in energy infrastructure. The New York group has increased green energy infrastructure capacity in recent years and has developed solar, wind, hydro, and battery projects as well as introducing a dedicated renewables and energy storage company, REV Renewables. REV Renewables has an installed capacity of 615MW, mainly consisting of battery projects in California, and has a 1.6GW pipeline of pumped hydro projects. Besides REV, LS Power began developing utility-scale solar projects for over a dozen years and has invested $1.8bn in the sector. The firm has a clear focus on increasing green energy infrastructure projects across the United States and supports numerous companies that target the clean energy transition. Examples of their investments include CPower, Endurant Energy, EVgo, Rise Light & Power, and Waste to Renewable Fuel initiatives.
3. Clean Capital (New York, United States)
Since its foundation in 2015, Clean Capital has exclusively targeted green infrastructure investments in order to increase solar and storage assets across the country. The New York-based firm has invested over $950m to date with an installed capacity of 400MW dispersed across 200 projects spanning 26 states. The investments conducted by the firm have avoided 125,000 tons of CO2 annually which is of the utmost importance to the firm as it aims to tackle climate change. The firm announced a $60m credit facility in September 2022 to invest in early-stage solar projects which represents the firm’s commitment to reducing the country’s reliance on fossil fuels.
Image Source: Derek Sutton (17.04.2023)