Catalyze, a US-based company specializing in facilitating the clean energy transition, has finalized a significant debt financing agreement with NY Green Bank to support a 79-megawatt (MW) portfolio of community distributed generation (DG) solar projects spanning across New York State.
Announced on Wednesday, Catalyze revealed that the New York State Energy Research and Development Authority (NYSERDA) division has extended a substantial USD 100 million (EUR 91.9 million) in financing for the initiative. According to Catalyze's statement, this transaction marks NY Green Bank's inaugural term loan utilizing a sale-leaseback structure tailored for a community DG portfolio, with a stipulated minimum 65% subscriber commitment.
While precise project details were not disclosed, the financing arrangement underscores New York State's overarching objective of augmenting its distributed solar capacity, with a target of integrating 6 gigawatts (GW) of distributed solar by 2025, in alignment with a larger ambition of reaching 10 GW by the decade's conclusion.
Headquartered in Houston, Texas, Catalyze specializes in financing, constructing, owning, and operating solar, battery storage, and electric vehicle (EV) charging systems, primarily catering to commercial and industrial clients. The company garners support from prominent energy investors such as EnCap Investments LP and Actis.
