When operational, Hannacroix Solar will contribute to the Power Authority\u2019s Renewable Energy Access and Community Help (REACH) programme, which provides bill credits to low-income New Yorkers.<\/p>\n
\u201cSince NYPA was authorised less than three years ago to support large-scale renewable energy development, it has worked diligently to stand up a programme capable of accelerating clean energy projects across New York State\u201d said New York Power Authority President and CEO Justin E. Driscoll. \u201cAmid headwinds affecting the industry, NYPA established new business structures, assembled a team of seasoned professionals, and refined a portfolio of project opportunities. In 2026, those efforts will bear fruit. This agreement reflects progress in the Power Authority\u2019s efforts to strengthen New York\u2019s grid with emissions-free generation resources.\u201d<\/p>\n
In September 2025, Governor Kathy Hochul directed state entities to fast-track shovel-ready renewables projects to take advantage of expiring federal tax credits. To that end, NYPA is exploring project partnership and acquisition opportunities across New York State and is utilising its resources to accelerate renewables project development. NYPA has entered into exclusivity agreements for projects totalling more than 350 MW and will launch the process to develop a new biennial renewables strategic plan later this year.<\/p>\n
Under the terms of the deal, NYPA will provide initial financing to advance Hannacroix Solar through its remaining pre-construction development activities. Pending final due diligence and customary closing conditions, the Power Authority will finance the project\u2019s construction later this year, fully acquiring it in 2027. The agreement was negotiated between Teichos Energy, the project\u2019s developer, and the New York Renewable Energy Development Holdings Corporation (NYRED) – a wholly-owned NYPA subsidiary created to facilitate the Power Authority\u2019s renewable efforts.<\/p>\n
\u201cNYPA has long been recognised as an innovator in the electric power industry and we welcome the opportunity to advance their goals of making New York\u2019s electric power mix cleaner while stabilising power costs\u201d added Teichos Energy CEO Stephen Voorhees.<\/p>\n
Hannacroix Solar is expected to break ground later this year and will begin operating in late 2027. The project is included in the NYPA Renewables Updated Strategic Plan, which details the Power Authority\u2019s efforts to develop, own, and operate renewable generation and energy storage projects.<\/p>\n
For additional information:<\/p>\n