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The state's
Public Service Commission approved the fund after Cuomo
officially requested renewable power mandates for the state the
previous week, according to a statement from the Governor's
office. The $5 billion from the state will draw more than $29
billion in additional funding from private investors, said Cuomo
in the statement.
The fund, managed by the New York State Energy Research and
Development Authority, will be used to encourage projects
targeting greenhouse gas reductions and providing cost-efficient
renewable energy and is projected to generate $39 billion in
consumer savings over the next decade.
The initiative comes as a part of Cuomo's plan to meet half the
state's electricity needs from renewable sources by 2030.
(Reporting by Apeksha Nair in Bengaluru; Editing by Christian
Schmollinger)
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