New York Announces Largest-Ever State Renewable Energy Investment

New York Governor Kathy Hochul announced Tuesday a series of awards for 6.4 GW of renewable energy projects, including 3 major offshore wind and 22 land-based projects, marking the largest-ever U.S. state investment in renewable energy to date.

When completed, the projects are anticipated to generate enough electricity to power more than 2.5 million homes, deliver 12% of New York’s energy needs, and reduce greenhouse gas (GHG) emissions by 9.4 million metric tons annually.

The new awards also bring New York’s operating, contracted, and under development renewable energy projects to a capacity sufficient to supply 79% of the state’s electricity needs by 2030, well ahead of its mandatory goal to have 70% of electricity provided by renewable sources by that time. The projects will also contribute to the state’s path to achieve a zero-emission electricity sector by 2040, and economywide carbon neutrality by mid-century.

Governor Hochul said:

“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.”

Roughly two-thirds of the awards were made to three large-scale offshore wind projects, including TotalEnergies, Rise Light & Power and Corio Generation’s 1.4 GW “Attentive Energy One,” RWE Offshore Renewables and National Grid Ventures’ 1.3 GW “Community Offshore Wind,” and Copenhagen Infrastructure’s Vineyard Offshore’s 1.3 GW “Excelsior Wind” project. Combined, the projects mark the largest-ever state investment in offshore wind, and are expected to displace more than 7 million tons of CO2 annually, and drive more than $15 billion in anticipated in-state spending.

The land-based awards include 14 new solar projects, six wind repowering projects, one new wind project, and a return-to-service hydroelectric project, totaling 2.4 GW. The projects are expected to spur more than $4 billion in direct investments.

U.S. Secretary of Energy Jennifer M. Granholm said:

“The Department of Energy applauds the significant step that this announcement represents for building an offshore wind energy industry here in the U.S. that revitalizes domestic manufacturing and coastal economies, while advancing our clean energy future.”