New Jersey invests $ 200 million in bank to develop microgrids
USA: Northeastern states are starting to fund projects which will help to develop microgrids following superstorm Sandy which crippled New Jersey’s power grid and caused billions of dollars of damage.
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USA: Northeastern states are starting to fund projects which will help to develop microgrids following superstorm Sandy which crippled New Jersey’s power grid and caused billions of dollars of damage.
Over 4,000 power transformers were damaged during the storm in New Jersey so $ 200 million will be invested from the Community Development Block Grant – Disaster Recovery Grant in America’s first infrastructure bank focused on energy resiliency, reports E&E News.
The idea is to develop distributed energy resources at critical facilities throughout the state so the Energy Resiliency Bank (ERB) was created last week and will be established and operated in partnership by the state’s Board of Public Utilities and the Economic Development Authority.
Lewis Milford, president of the Clean Energy Group, said in a statement that the ERB could be used as “a model for all states to finance resilient power projects, to protect against power outages during severe weather events.”
Following the New Jersey model, New York has established its own Green Bank to fund microgrid projects, that could eventually have $ 1 billion capitalisation of, and launched a $ 40 million microgrid competition in January. Connecticut has also developed a sophisticated microgrid pilot programme.
The Northeast has 355 MW microgrid capacity – more installed than any other region in the U.S., according to Greentech Media.
Source: E&E News
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