Governor Kathy Hochul today announced that the New York Power Authority Board of Trustees has approved economic development awards to 23 companies that will support more than 3,700 jobs—more than 1,000 newly created—and spur significant capital investments. Low-cost power through the statewide ReCharge NY program was allocated to 19 applicants, while the remaining four are firms that will benefit from regional economic development incentives in the North Country and Western New York.
“Economic development awards from the New York Power Authority are critical to the vitality of New York’s growing clean energy economy,” Governor Hochul said. “With more than 1,000 new jobs for New York’s skilled workforce and more than $8 billion in private capital investments, NYPA’s Recharge NY awards will help solidify New York’s status as a premier destination for the nation’s most promising industries.”
“Today’s announcement is a critical step towards providing low-cost power to New Yorkers while at the same time creating 3,700 new jobs for New Yorkers,” said Lieutenant Governor Antonio Delgado. “These new investments made available through the Recharge NY program and other economic development initiatives will spur significant economic growth across the state.”
ReCharge NY Awards
The approved allocations of more than 33 megawatts (MW) of low-cost power under the ReCharge NY program will be directed to 19 companies in the Capital District, Southern Tier, Western New York, Central New York, Mid-Hudson, New York City, and on Long Island. The awards directly support nearly 3,500 jobs—787 newly created—and more than $7.5 billion in capital investments.
New York Power Authority Interim President and CEO Justin E. Driscoll said, “ReCharge NY is a major driver supporting New York’s economic development mission. The low-cost power program is stimulating large-scale investment and job growth in communities across the state. The $7.5 billion in private investments approved by the NYPA board today will help to positively transform New York’s economic landscape.”
Some additional notable allocations approved by the NYPA board through ReCharge NY include awards to Barnard College in New York City, Cayuga Milk Ingredients in Cayuga County and Databank Holdings in Rockland County.
A full list of today’s ReCharge NY power allocations and economic development awards is available here.
ReCharge NY has strengthened New York State’s economy by encouraging companies to retain and create jobs, while sparking capital investment throughout the state. ReCharge NY offers power contracts up to seven-years. Half of the power—455 megawatts (MW)—is from NYPA’s Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants. The remaining 455 MW is lower-cost power bought by NYPA on the wholesale market.
Northern New York Awards
At today’s meeting, the NYPA board approved 94 MW of low-cost St. Lawrence hydropower to Air Products— an American-based global industrial gases company in operation for more than 80 years that serves a wide range of industries including healthcare, technology and clean energy—for its significant project investment and creation of 90 jobs in Massena. The project supports New York State’s goal of becoming a Regional Clean Energy Hydrogen Hub, as announced by Governor Kathy Hochul in March. New York’s hydrogen hub ambitions directly support the goals of the state’s Climate Leadership and Community Protection Act (Climate Act).
New York Power Authority Vice Chairman and Massena Resident Eugene L. Nicandri said, “Allocations from the St. Lawrence Power Project attract large-scale community investment and deliver good-paying jobs to the North Country. In supporting Air Products’ expansion, NYPA is furthering New York’s aggressive climate goals and helping to advance the state’s vision of …….