ReCharge NY Power Allocation to Weill Cornell Medical College to Stimulate More Than $338 Million in Capital Investments in New York City
Power Proceeds Funding Award of $595,000 to Whiting Door Manufacturing Corporation in Western New York
Governor Hochul today announced that the New York Power Authority Board of Trustees approved economic development awards under the state’s ReCharge NY program to 41 firms that will spur more than $371 million in capital investments and support nearly 13,000 jobs — with 170 of those jobs newly created. In addition, a $595,000 funding award was approved to Whiting Door Manufacturing Corporation, an Erie County firm, through the Western New York Power Proceeds Fund.
“By leveraging low-cost hydropower, the New York Power Authority is catalyzing billions of dollars of private capital investments and supporting jobs throughout New York State,” Governor Hochul said. “The awards approved by the NYPA Trustees at today’s meeting underscore the Power Authority’s commitment to strengthening New York’s economy today and into the future.”
The approved allocations of nearly nine megawatts (MW) of low-cost power under the ReCharge NY program will be directed to 41 companies in the Capital District, North Country, Finger Lakes, Southern Tier, Mohawk Valley, Hudson Valley, New York City, Western New York and on Long Island.
Included among the ReCharge NY awards approved at today’s meeting was a 3.3-megawatt (MW) power allocation to the Joan & Sanford I. Weill Medical College of Cornell University, a biomedical research unit and medical school in Manhattan. The school will invest more than $338 million to develop unused space and upgrade the school’s existing infrastructure. The school’s project will support the retention of 7,500 jobs.
The NYPA board also approved a 580-kilowatt ReCharge NY power allocation to Arvos Ljungstrom in Allegany County that will spur $12.5 million in private capital investments and support the retention of nearly 300 jobs. Arvos Ljungstrom is a manufacturer of air preheater devices — critical components of thermal power plants — and specializes in providing solutions for industrial facilities. The firm will construct additional buildings to manufacture coating systems, upgrade its current factory, and transform its manufacturing facility to produce secondary steel used in offshore wind projects.
Empire State Development (ESD) is also providing up to $2.5 million in Excelsior Jobs Program tax credits to Arvos Ljungstrom, in exchange for the company’s commitment to create 47 new jobs.
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 with terms 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.
A full list of today’s ReCharge NY power allocations and economic development awards is available here.
New York Power Authority President and CEO Justin E. Driscoll said, “The NYPA Board of Trustees today allocated nearly nine megawatts of low-cost power under the ReCharge NY program in direct support of jobs and capital investments throughout New York State. Economic development awards from the New York Power Authority continue to serve as a backbone for New York’s clean energy economy and I’m pleased to see these awards approved today.”
At today’s meeting, the NYPA Board of Trustees also approved a $595,000 funding award from the Western New York Power Proceeds Fund to Whiting, an Akron-based door manufacturing company, in Erie County.
New York Power Authority Chairman John R. Koelmel said, “The Power Authority is continuing to maximize its value to the State through the sale of unused Niagara hydropower for funding benefits to local business and communities. The funding award approved at today’s meeting to Whiting will directly support the creation of 25 jobs and is indicative of the Power Authority’s commitment to continue strengthening Western New York’s economy.”
Whiting Door specializes in producing roll-up and swing doors for the commercial freight and transportation industries and will invest nearly $4 million to expand its manufacturing capabilities. Whiting’s expansion will create 25 jobs through the project.
ESD is also incentivizing Whiting Door’s continued growth in Erie County, by providing up to $500,000 in Excelsior Jobs Program tax credits in exchange for job creation commitments.
The NYPA funding award is made possible through net earnings resulting from the sale of unused hydropower generated at the Power Authority’s Niagara Power Project and stems from power proceeds legislation signed into law in 2012.
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New York State's nation-leading climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent, of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is on a path to achieving a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy wide carbon neutrality by mid-century. A cornerstone of this transition is New York's unprecedented clean energy investments, including more than $55 billion in 145 large-scale renewable and transmission projects across the state, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, more than $2.7 billion for clean transportation initiatives, and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 165,000 jobs in New York’s clean energy sector in 2021 and over 3,000 percent growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with nearly 400 registered and more than 100 certified Climate Smart Communities, nearly 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the state to help target air pollution and combat climate change.
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