GCEDC Board approves incentives for $400 million in new capital investment in Genesee County
Press release:
The Genesee County Economic Development Center (GCEDC) Board of Directors approved incentives for a $345 million solar project in the Town of Byron, and construction of a campus-wide substation at the Science Technology and Advanced Manufacturing Park (STAMP) at the agency’s June 3 board meeting.
Excelsior Energy Center is a $345.55 million utility scale solar farm project that will be located on multiple agricultural properties in Town of Byron and will generate 280 MW (AC) solar generation. The project will receive approximately $32.7 million in property and sales tax incentives.
The project will provide enhanced property tax payments via a 20-year PILOT (Payment In Lieu Of Taxes) and host benefit agreements. The project will contribute $6,500/MWAC in total PILOT/host benefit payments annually + a 2-percent annual escalator over the 20-year term. Resulting property tax-type benefits of the project in the Town of Byron, Byron-Bergen Central Schools, and Genesee County are estimated at more than $45.2 million.
The project has an estimated $117.5 million fiscal economic impact, including PILOT payments, host benefit payments, fire district payments, elimination of agricultural exemptions on acreage used for solar panels, direct construction payroll, other direct construction related purchases, and the payroll and purchases during operations. This results in an estimated return of $20.60 in economic impacts vs the tax impacts of the land's prior use.
Plug Power Inc. is investing $55 million toward the construction of a campus-wide substation at STAMP. The substation will enable 100-percent renewable, reliable electricity at less than $0.035/kwh to future tenants in partnership with the New York Power Authority and National Grid.
Plug Power’s investment in the substation is on top of the $232 million the company is investing to build a green hydrogen manufacturing facility at STAMP. The facility is estimated to create 68 full-time jobs.
Plug Power’s facility will produce green hydrogen produced using an electrolysis process of water utilizing clean hydropower producing approximately 45 metric tons of liquid hydrogen annually for applications such as heavy-duty freight and forklifts.
Plug Power will receive approximately $2.8 million in sales tax incentives related to the electrical substation construction.
