When coupled with two marquee offshore wind blade and nacelle manufacturing facilities, this portfolio of newly announced projects is expected to create approximately 8,300 family-sustaining jobs and spur $20 billion in economic development investments statewide, including developer-committed investments to support disadvantaged communities.
“New York continues to set the pace for our nation's transition to clean energy,” Hochul said. “An investment of this magnitude is about more than just fighting climate change – we're creating good-paying union jobs, improving the reliability of our electric grid, and generating significant benefits in disadvantaged communities. Today, we are taking action to keep New York's climate goals within reach, demonstrating to the nation how to recalibrate in the wake of global economic challenges while driving us toward a greener and more prosperous future for generations to come.”
New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “This latest and largest round of large-scale renewable energy awards is further proof that New York is, and will continue to be, a place where the renewable energy sector can thrive. “This cohort of large-scale renewable energy projects reflects New York's longstanding and ongoing priority to responsibly advance the most cost-competitive and economically viable clean energy projects in a manner that is timely and maximizes benefits for all New Yorkers.”
Once in service, the awarded offshore wind and land-based renewable energy projects will:
The Nation's Largest-Ever State Investment in Offshore Wind
In the most competitive offshore wind solicitation in the US, NYSERDA has selected three new offshore wind projects totaling 4,032 megawatts (MW) of clean energy which is expected to displace over 7 million metric tons of CO2 annually, equivalent to removing 1.6 million cars from the road each year.
Additionally, the awarded projects will bring more than $15 billion in anticipated in-state spending and create more than 4,200 family sustaining jobs across Long Island, New York City and the Capital Region over the 25-year lifespan of the projects.
The three offshore wind projects include:
These projects employ a mix of flexible and innovative transmission designs, including a reduced footprint in transmitting energy from offshore wind projects to New York City through high voltage direct current (HVDC) and adaptable “Meshed-Ready” offshore electrical substations.
The three offshore wind projects are anticipated to enter commercial operation in 2030. The average bill impact for customers over the life of the projects will be approximately 2.73 percent, or about $2.93 per month. The average all-in development cost of the awarded offshore wind projects over the life of the contracts is $96.72 per megawatt-hour.
NYSERDA is also awarding $300 million in state investment to enable the development of two supply chain facilities including nacelle manufacturing and assembly by GE Vernova, along with blade manufacturing developed by LM Wind Power Blades USA, both planned for New York's Capital Region.
This investment has the capacity to supply almost one-third of the total regional demand for offshore wind by 2035, which will unlock $968 million in public and private funding, create 1,700 direct and indirect jobs backed by prevailing wage and project labor agreements, and result in over $3 billion in direct spending in the State. Additionally, these projects also align with available federal tax credits, enabling future savings to New York's ratepayers.