Governor Kathy Hochul announced on March 31 that the New York Power Authority (NYPA) has approved economic development awards expected to spur over $522 million in private capital investments across New York State and support a total of 6,364 jobs, including the creation of 399 new positions. The awards include low-cost power allocations through the statewide ReCharge NY program and the regional Western New York Hydropower program, as well as more than $2.4 million in funding under the Western and Northern New York Power Proceeds programs.
These initiatives are designed to provide affordable energy for businesses and communities, supporting job creation and economic growth throughout the state. Governor Hochul said, “Reliable, affordable energy keeps the lights on for families and businesses and drives economic opportunity, turning ambitious projects into reality. The New York Power Authority’s economic development awards play a key role in creating jobs and generating major capital investment in communities across New York State. The awards approved today by the NYPA board will support more than $522 million in new investments and create hundreds of jobs statewide.”
Under ReCharge NY, more than 12 megawatts of low-cost power were allocated to 19 firms located throughout several regions including Capital District, Central New York, Finger Lakes, Mid-Hudson region, Mohawk Valley, North Country, Western New York, and Long Island. Notable recipients include Lauter Metal Technologies, Water Lilies Food, and Balchem Corporation. NYPA President and CEO Justin E. Driscoll said that these allocations “directly support the creation of more than 300 jobs and will spur nearly $500 million in private investments.” He added that access to low-cost power is “an essential catalyst for economic development” across the state.
In Western New York specifically, Neofab Robotics Corp received an allocation of Niagara hydropower supporting its planned expansion project expected to create 23 jobs. Additional funding was awarded to Wavepoint 3PL for facility redevelopment leading to another 55 positions; Preservation Buffalo Niagara also received funds for historic rehabilitation efforts which will serve as its headquarters.
Northern New York saw approvals totaling $530,000 directed toward tourism initiatives by St. Lawrence County Chamber of Commerce as well as office complex development by Trackside Rentals projected to add ten full-time roles.
State officials praised these efforts with Empire State Development President Hope Knight saying that partnerships between ESD’s strategic investments with NYPA’s regional funding “are cutting the cost of doing business while supporting sustainable growth.” Other legislators highlighted how these targeted investments strengthen local economies through manufacturing expansions or preservation projects.
The NYPA operates as America’s largest state public power organization with most electricity generated from renewable hydropower sources.
