Invenergy secures PPA for 290 MW wind project

The New York Power Authority (NYPA) has awarded a power purchase agreement for a 290 MW wind project to be constructed in Steuben County to procure and accelerate renewable energy and advance Gov. Andrew M. Cuomo’s aggressive clean energy goals. This investment in large-scale clean energy promotes a private partnership and will provide employment and economic benefits to the Southern Tier community.

NYPA’s Board of Trustees approved the award of a 20-year power purchase agreement to Canisteo Wind Energy LLC for energy, capacity and renewable energy credits (RECs) generated from the wind project that would be developed and operated by Invenergy. Under the Clean Energy Standard, utilities and other energy suppliers are required to obtain a targeted number of RECs each year to help finance new renewable energy sources. The Steuben County project, which could power 113,000 homes annually, is expected to be in service by the end of 2020.

The agreement will further advance Governor Cuomo’s recently announced Green New Deal. The Green New Deal is designed to significantly expand access to renewable energy while creating thousands of news jobs across New York.  With these goals in mind, the power purchase agreement to Canisteo Wind Energy LLC for energy, capacity and renewable energy credits (RECs) will create an estimated 140 construction jobs with more than 300 positions created indirectly and will generate about $2.5 million per year in tax payments to the area.

The Canisteo Wind award, which is a result of a 2017 competitive bid solicitation, will be NYPA’s first transaction for a large-scale renewable project.The project was originally selected for a New York State Energy Research and Development Authority (NYSERDA) award in an effort to ensure that this highly viable and cost-effective project was committed toward the achievement of the State’s goals.

The Canisteo contract will allow NYPA to deliver cost savings and price stability to its customers, who will continue to have the opportunity to enter into bilateral agreements for energy, capacity and RECs from the Canisteo Wind project.  

The Canisteo Wind Farm will be built on approximately 25,000 acres of private land being leased in Steuben County in the Southern Tier. The Canisteo site has been in development for several years and is near Invenergy’s operating 16 MW Marsh Hill Wind Farm that began operations in 2014.

Invenergy currently has more than 220 MW of operating wind projects in the state of New York, with another 1,000 MW of wind, solar and battery storage projects in development across the state.