GCEDC Accepts Application for $232.7 Million Project at STAMP from Plug Power

By March 15, 2021 2   min read  (295 words)

March 15, 2021 |

Fuel cells works, GCEDC Accepts Application for $232.7 Million Project at STAMP from Plug Power

BATAVIA, NY – The Genesee County Economic Development Center (GCEDC) board of directors accepted an initial application for incentives from Plug Power Inc. for a proposed $232.7 million green energy technology facility at Western New York Science & Technology Advanced Manufacturing Park (STAMP) at its March 4, 2021 board meeting.

The project, announced by Plug Power Feb. 25, will produce green hydrogen using an electrolysis process of water utilizing renewable hydropower.

Under the terms of a proposed 20-year PILOT agreement, Plug Power would pay approximately $2.3 million annually to support local municipalities and infrastructure, including Genesee County, the town of Alabama, and the Oakfield-Alabama Central School District.

Plug Power will also invest $55 million for the construction of a 345/115KV electric substation in partnership with the New York Power Authority and National Grid to support future expansion and growth opportunities at STAMP.

“Plug Power’s vision at STAMP includes over $100 million of investments into our municipal partners and site infrastructure. These investments further enhance the strengths of our 1,250-acre mega site,” said Steve Hyde, GCEDC President and CEO. “At STAMP, projects can access low-cost power that is 100% renewable and reliable, at a site that is located, zoned, and built for projects to succeed within their timelines.”

Plug Power would initially create approximately 68 new jobs at an average starting salary of approximately $70,000 plus benefits, totaling over $95 million in wages over 20 years. For every $1 of public benefit requested, more than $4.3 of planned investment and spending is estimated for the project, and totaling approximately $500 million over 20 years.

A public hearing will be scheduled on the proposed incentives.

The GCEDC Board of Directors also approved a purchase and sale agreement with Plug Power Inc. covering approximately 29.884 acres at STAMP for the proposed project.

Read the most up to date Fuel Cell and Hydrogen Industry news at FuelCellsWorks


Author FuelCellsWorks

More posts by FuelCellsWorks
error: Alert: Content is protected !!