New York Governor Kathy Hochul has been fundamental to the state’s transition towards a net-zero future thanks to the landmark climate law which passed its final scoping plan in December 2020. If successful, the plan will reduce greenhouse gas emissions by 85% by the year 2050 (from 1990 levels). The state has adopted a “cap-and-invest program” which puts a cap on emissions, forcing polluting companies to invest in green energy programs. The ambitious plan will require large-scale investments and the state will rely on independent power producers to supplement growth in order to meet its targets.
1) Onyx Renewable Partners (New York, New York)
Onyx Renewable Partners was founded through funds managed by Blackstone Energy. The green energy developer has assembled a highly experienced team that provides over 250 years of industry experience, having developed over 1GW of sustainable projects. Headquartered in New York, the firm specializes in solar, storage, and EV charging projects. Onyx has a proven track record of developing solar projects, having developed 300 projects to date.
2) LS Power (New York, New York)
Established in 1990, LS Power is a specialist green infrastructure developer with experience developing solar, wind, hydro, and battery projects. The firm has also founded a dedicated energy storage company, REV Renewables which has an installed capacity of 615MW and a project pipeline of 1.6GW of projects including battery and hydro. Headquartered in New York, LS Power is one of the leading IPPs in the country and has invested $1.8bn in renewable energy projects since its inception. The New York-based group aims to continue its growth through investment in growing companies that are accelerating the green energy transition. To date, the firm has acquired a share in numerous green energy groups such as CPower, Endurant Energy, Evgo, Rise Light & Power, and Wate to Renewable Fuel initiatives.
3) Madison Energy Investments (New York, New York)
Madison Energy Investments is a developer, constructor, and operator of green energy assets. The New York-based firm is active in 19 states and has developed 155 projects to date, with an installed capacity of 300MW and a total of $500m of capital invested. Madison has mainly developed solar and storage projects so far, with plans to expand into different sectors in the coming years. In February 2023, Madison invested $200m in cleantech company Peak Power who are experts in energy storage software and the partnership between the two will be key to Madison’s growth in the green infrastructure sector.
Image Source: Jeroen van de Water (24.04.23)