Governor Andrew Cuomo said the investment would be handed out through a competitive process.
A deadline of 8 May has been set for project owners to notify the New York State Energy Research and Development Authority (NYSERDA) of their intention to bid.
NYSERDA will announce the winners of the bidding process in July 2015, with successful applicants being offered a contract of up to 20 years by the state.
The funding is part of the state government's "Reforming the Energy Vision" initiative that supports the growth of renewable energy.
According to Windpower Intelligence, the data division of Windpower Monthly, New York state has just over 1.7GW of wind capacity installed.