News: Brokerage

NYSERDA completes Staten Island 3.1-megawatt solar array

Staten Island, NY The New York State Energy Research and Development Authority (NYSERDA) completed one of the largest solar systems installed in the city. The 3.1-megawatt solar array will offset a large portion of the electricity used by Fordham University and Fordham Preparatory School in the Bronx, supporting governor Andrew Cuomo’s nation-leading clean energy goal mandating 50% of electricity to come from renewable energy sources by 2030.

The solar array is comprised of more than 9,000 solar panels and will generate nearly four million kilowatt hours of clean solar energy each year, enough to offset 20% of Fordham University’s electricity use and 37% of Fordham Preparatory School’s use. The ground mounted system was installed on approximately 10 acres of unused industrial property in Staten Island.

The solar project uses an arrangement known as remote net metering. Under this arrangement, solar that is installed at one site can offset electric bills for customers at different locations. With the continued cost declines associated with solar energy, the state is committed to ensuring that the policies and regulations that compensate solar production do so in a way that benefits all electric customers while also benefiting the electric grid and delivering the biggest bang for the buck when it comes to reducing carbon emissions.

“This solar installation project on Staten Island, the largest in New York City, will provide clean energy and help protect the environment,” said lieutenant governor Kathy Hochul. “The system further supports the state’s aggressive goal of 50% of electricity coming from renewable energy sources by 2030. While the federal government turns its back on protecting the environment, we’re continuing to work to combat climate change in New York.”

Governor Cuomo’s $1 billion NY-Sun initiative provided funding for the project. NY-Sun is designed to scale-up solar across the state and move the state closer to a robust and sustainable market for solar energy. Since 2011, solar in New York State has increased more than 1,000 percent and leveraged more than $2.8 billion in private investments. There are more than 12,000 people engaged in solar jobs across New York. 

Through private and public partnerships, New York has been successfully reducing the state’s carbon footprint by increasing the number of renewable energy sources statewide. As a cornerstone of governor Cuomo’s clean energy and climate agenda, ensuring that all New Yorkers benefit from the clean air and economic development benefits of renewable energy resources will be essential as the state transitions to a more resilient, cost effective and modern energy system.

Alicia Barton, president and CEO, NYSERDA, said, “As the largest state-supported solar array in New York City, this project helps move the state closer to meeting governor Cuomo’s nation-leading clean energy goals and is a tremendous example of how the state is working with private entities to combat climate change. I congratulate all of the partners associated with the project for their dedication to ensuring its successful completion, and commend Fordham University and Fordham Prep for their clean energy leadership.”

The system was designed, developed and installed by New York City-based EnterSolar. Key Equipment Finance, an affiliate of KeyCorp and one of the largest bank-based equipment finance providers in the country, provided financing for the project, which was also supported by Consolidated Edison, Inc.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,