Additional hydroelectric power allotments announced by New York Governor Andrew Cuomo and the New York Power Authority (NYPA) add to an expanding program designed to create jobs and spur capital investments.
The allocations, which will be given to three companies located in New York’s Erie County, are expected to generate more than 80 new jobs and US$50 million in investments, the utility said.
“Access to clean, low-cost hydropower continues to be an important asset for western New York, and today we are tapping into that potential to grow the regional economy and create jobs for New Yorkers,” Cuomo said. “These allocations are a tremendous form of support for businesses that are looking to expand or relocate from out-of-state.”
Included in the most recent NYPA allocation are the 3M Company in Tonawanda, Innomotive Solutions Group in Lancaster and Royal Plastix USA in Buffalo.
Per the allocation:
- Royal Plastix, a subsidiary of Royal Sponge Manufacturing, will receive a 600 kW allocation to facilitate the construction of a new manufacturing operation, creating 55 jobs and investments of more than $3.7 million.
- Innomotive Solutions will receive a 100 kW allocation, helping facilitate a $5.5 million expansion and the creation of 21 jobs.
- 3M will receive a 150 kW allotment in exchange for a commitment to create six new jobs as part of a $2 million expansion.
“Providing competitively priced hydropower to enterprises in western New York is an impactful economic development tool,” NYPA president and CEO Gil C Quiniones said. “The funding awards are another means beyond NYPA’s low-cost power to assist firms in the region, spurring business expansion.”
NYPA also approved funding under the Western New York Power Proceeds initiative for Praxair and the Niagara Falls International Airport (NFIA) Stakeholders Group, with investments of $500,000 and $125,000 being made, respectively.
“Proximity to low-cost hydropower gives western New York a competitive edge, providing local businesses with more room for growth and economic returns for the greater community,” Rep. Brian Higgins said. “With the allocation of power and power proceeds, we take what is naturally ours and reinvest it in projects that benefit the people of western New York.”