ALBANY, N.Y. — New York state is setting aside $250 million to invest in wind farms, hydropower and other renewable energy projects.

Gov. Andrew Cuomo announced the funding Tuesday. It's available to businesses and groups looking to build wind farms, fuel cells or biomass generators or upgrade small to medium-sized hydroelectric facilities.

Cuomo, a Democrat, says the money will encourage new projects and help diversify the state's power grid while creating jobs and economic activity in the energy sector.