fueling up
Houston company secures $100M to fund solar projects across New York
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Catalyze’s proprietary suite of technology will bring solar development practices to Lancaster and Amherst areas. Photo courtesy of Catalyze
Houston’s Catalyze announced that it secured $100 million in financing from NY Green Bank to support a 79 megawatt portfolio of community distributed generation solar projects across the state of New York.
The loan is part of Catalyze’s increased presence in New York State with operational projects coming to Lancaster and Amherst. Catalyze’s proprietary suite of technology will bring solar development practices to the area.
Catalyze is a Houston-headquartered clean energy transition company that builds, owns, finances, and operates solar and battery storage systems. Catalyze is backed by leading energy investors EnCap Investments L.P. and Actis. NY Green Bank is a division of the New York State Energy Research and Development Authority.
The deal aims to advance New York State’s Climate Leadership and Community Protection Act goal of installing six gigawatts of distributed solar by 2025. This is part of a larger goal to 10 GW by 2030.
Catalyze owns two proprietary technologies in REenergyze, which is an origination-to-operations software integration platform to accelerate and scale nationwide adoption of commercial and industrial solar and storage, and SolarStrap. SolarStrap isa mounting technology to install rooftop panels.
“We are excited to leverage our extensive community solar expertise to ensure the success of NY Green Bank’s term loan supporting a community distributed generation (CDG) portfolio,” Jared Haines CEO of Catalyze, says in a news release. “CDG is one of the most effective means of making solar energy more accessible to low-to-moderate income communities, and we look forward to how this partnership will support both the goals of NY Green Bank and New York State.”