Governor Andrew M. Cuomo announced the New York Power Authority’s Board of Trustees has approved economic development awards to 17 entities that will support 2,831 jobs across the state – with 450 jobs being newly created – and spur more than $549 million in private capital investments.
Fifteen entities are receiving awards through ReCharge NY power allocations, and the remaining two are receiving Niagara hydropower allocations in Western New York.
“The ReCharge NY program has incentivized businesses to stay and grow in New York State for nearly a decade,” Governor Cuomo said. “This latest round of hydropower allocations will create hundreds of new jobs and millions of dollars in capital investments, ensuring that New York builds back better by greatly assisting in our recovery from the COVID-19 pandemic.”
The approved power allocations of more than 21,300 kW of low-cost power under the ReCharge NY program will be directed to 15 companies in the Finger Lakes, Southern Tier, Mid-Hudson, Mohawk Valley, Western New York, and on Long Island. The awards directly support more than 2,700 jobs – 387 newly created – and nearly $526 million in capital investments.
ReCharge NY has encouraged 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 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.
The NYPA board approved two 10-year hydropower allocations from the Niagara Power Project to Western New York businesses:
Polymer Conversions Inc., a full-service medical device contract manufacturer that specializes in complex thermoplastic injection molding and value-add assembly, will receive a 300-kW hydropower allocation for the investment of $10.5 million to expand its manufacturing presence at its Orchard Park facility. The project will lead to the creation of 45 new, permanent, full-time jobs.
Surmet Ceramics Corporation will receive a 640-kW hydropower allocation for construction of a new 3,400-square-foot building at its Buffalo location. The manufacturer of transparent armor products used in the defense and security industries will be investing $13 million for the new building. The project will lead to the creation of 18 new, permanent, full-time jobs.
“The Power Authority’s hydropower is an invaluable resource for New York State, and it is critical to the health of our economy. These power allocations help businesses and not-for-profit organizations prosper in New York State and we at NYPA are proud to support their growth,” said John R. Koelmel, NYPA chairman.
Low-cost Niagara hydropower is available for companies within a 30-mile radius of the project or businesses in Chautauqua County.
Governor Cuomo’s climate agenda is the most aggressive climate and clean energy initiative in the U.S., NYPA said, calling for an orderly and just transition to clean energy that creates jobs and continues fostering a green economy as New York State recovers from the COVID-19 pandemic.
NYPA is the largest state public power organization in the U.S., operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. More than 80% of the electricity NYPA produces is clean renewable hydropower.