Sign In
Upcoming Event
Free Newsletter
Area businesses receive NYPA economic development awards
Area businesses receive NYPA economic development awards
Listen to this articleThe New York Power Authority‘s board of trustees has approved economic development awards to 23 entities that will support nearly 2,300 jobs statewide.
The funding and low-cost energy will help create 870 jobs and spur more than $580 million in private capital investments, officials said this week. Some 18 organizations will receive awards through ReCharge NY energy allocations, while the remaining five will receive Niagara hydropower allocations and funding awards to enterprises in Western New York.
“NYPA is supporting some very exciting projects today with these economic development incentives — especially in Western New York — and I’m pleased that we are able to stand with New York businesses and communities as we attempt to turn the page from this crippling pandemic,” said NYPA Chairman John Koelmel in a statement. “NYPA hydropower and funding will lead to the creation of 870 jobs today by providing businesses critical financial relief and long-term security as they expand and grow right here in New York.”
In the Finger Lakes Region, ReCharge will allocate 2,456 kW of low-cost power to ABX Innovative Packaging Solutions LLC, which will invest more than $19 million in its facility in Macedon, creating 38 jobs and retaining 378. Plug Power Inc. will receive 5,100 kW of low-cost power for its West Henrietta facility. The company is investing $120 million and creating 377 jobs.
Plug Power also will receive a 10,000-kW hydropower allocation from the NYPA for its project at the Western New York Science Technology and Advanced Manufacturing Park (STAMP) in Genesee County. The capital-region green power company intends to invest $290 million on the construction of a hydrogen fuel production facility and a 450-megawatt electric substation to serve the complex. The NYPA board also approved $1.5 million in funding for the project from the Western New York Power Proceeds program. The project is expected to create 68 jobs.
“Today’s economic development awards will help to energize the New York economy as we all move to safely rebound from the COVID-19 pandemic,” said NYPA President and CEO Gil Quiniones. “The low-cost power from NYPA’s hydroelectric plants is the backbone to the state’s economic development efforts and we are eager to leverage it to support businesses in need right now.”
[email protected] / 585-653-4021
Follow Velvet Spicer on Twitter: @Velvet_Spicer
