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Governor Hochul unveils historic investment in renewables for New York

By: Chloe Emanuel 25/10/2023 Governor.NY

Corporate General Turbines Windfarms

Governor Kathy Hochul has unveiled a groundbreaking initiative, marking the largest ever state investment in renewable energy in the United States. The project consists of three offshore wind and 22 land based renewable energy initiatives, yielding a total of 6.4 GW of renewable energy. This power will serve approximately 2.6 million homes and aim to contribute to 12% of New York's electricity needs by 2030.

The investment aims to create around 8,300 jobs and inject roughly $20 billion into New York's economy, with a focus on supporting disadvantaged communities. The state is committing $300 million alongside $668 million in private funding to advance the nation's first offshore wind blade and nacelle manufacturing facilities.

This move aligns with New York's Climate Act goal to reach 70% renewable energy by 2030, and it will aim to cover 79% of the state's 2030 electricity needs with renewable energy.

Governor Hochul stated: "New York is leading the way in clean energy investment, creating jobs, improving grid reliability, and reducing carbon emissions. Today's action demonstrates our commitment to a greener and more prosperous future."

U.S. Secretary of Energy Jennifer M. Granholm added: "New York is setting an example for the nation by advancing clean energy and bolstering domestic manufacturing and coastal economies."

Once operational, these projects will generate approximately 19 million MWh of renewable energy annually, reducing greenhouse gas emissions by roughly 9.4 million metric tons. They will also provide numerous public health benefits and generate around $3.5 billion in commitments to disadvantaged communities.

These awards represent the first actions in New York's 10 point Action Plan, aiming to address macroeconomic challenges in the renewable energy sector. Contract negotiations with awarded parties are set to begin. In line with these projects, contracts will promote the use of U.S. iron and steel and include prevailing wage provisions for workers. Offshore wind developers will negotiate Project Labor Agreements to support the construction workforce.

Notable Offshore Wind Projects

NYSERDA has selected three offshore wind projects totaling around 4,032 MW, expected to displace 7 million metric tons of CO2 annually. They will aim to bring $15 billion in in-state spending and create around 4,200 jobs across Long Island, New York City, and the Capital Region.

The three offshore wind projects are:

Attentive Energy One (1,404 MW), developed by TotalEnergies, Rise Light & Power, and Corio Generation. This project includes plans to retire fossil fuel power generation in New York City, transitioning the workforce to renewable energy jobs.

Community Offshore Wind (1,314 MW), developed by RWE Offshore Renewables and National Grid Ventures. It aims to utilize new grid interconnection to maximize renewable electricity delivery into New York City.

Excelsior Wind (1,314 MW), developed by Vineyard Offshore (Copenhagen Infrastructure Partners), focusing on robust energy deliverability to Long Island.

These projects will aim to support wildlife and fisheries research, MWBEs and SDVOBs, and workforce training, in addition to providing substantial public health benefits.

The three offshore wind projects are expected to operate by 2030, with an average bill impact of approximately 2.73% and an all-in development cost of $96.72 per MWh over the life of the contracts.

This initiative will solidify New York's role as a hub for the offshore wind supply chain, leveraging significant private investment and creating jobs in the state.

NYSERDA is also investing around $300 million in two supply chain facilities for nacelle manufacturing and blade manufacturing in New York's Capital Region, with the potential to supply one-third of the regional offshore wind demand by 2035. This will unlock around $968 million in funding, create roughly 1,700 jobs, and result in over $3 billion in state spending.

For more information about offshore wind farm projects across the globe, click here.

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Governor Hochul unveils historic investment in renewables for New York

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