announces transaction to support community distributed generation portfolio
Summary
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 States decarbonization goalsHouston, TX May 15, 2024 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 Banks commitment to an equitable energy transition by requiring that a significant percentage of solar project subscribers benefit disadvantaged communities. 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 Banks unique ability to provide innovative financing solutions that support the equitable distribution of clean energy.This loan continues Catalyzes 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.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. 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. Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI.