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Renewable Energy Investment
October 24, 2023

New York Governor Kathy Hochul has announced a series of awards for 6.4 GW of renewable energy projects, marking the largest-ever U.S. state investment in renewable energy. The projects include three major offshore wind projects and 22 land-based projects. Once completed, these projects are expected to generate enough electricity to power over 2.5 million homes, deliver 12% of New York’s energy needs, and reduce greenhouse gas emissions by 9.4 million metric tons annually.

The new awards will 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. This is well ahead of its mandatory goal to have 70% of electricity provided by renewable sources by that time.

Approximately two-thirds of the awards were made to three large-scale offshore wind projects. These projects 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. These projects are expected to spur more than $4 billion in direct investments.

U.S. Secretary of Energy Jennifer M. Granholm applauded the significant step that this announcement represents for building an offshore wind energy industry in the U.S.

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