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January 27, 2016

New York State Launches $5 Billion Clean Energy Fund

The State of New York on January 21 announced the New York State Public Service Commission's approval of a 10-year, $5 billion Clean Energy Fund to accelerate the growth of New York's clean energy economy and address climate change. It is designed to advance solar energy, wind energy, energy efficiency, and other clean tech industries.

The Clean Energy Fund, to be administered by the New York State Energy Research and Development Authority, is projected to result in more than $39 billion in customer bill savings over the next 10 years through innovative projects and private-public partnerships focused on reducing greenhouse gas emissions, making energy more affordable through energy efficiency and renewable energy, and mobilizing private-sector capital.

As part of the Clean Energy Fund action, $150 million is allocated for the development of new large-scale renewable power projects in 2016. See the New York governor's news release.

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