New York as a renewables-supportive state is a leader in the transition to a greener energy future, mainly because of its wind energy. The state has committed to the most ambitious climate goals of the whole nation: to shift away from fossil fuels and stop adding to climate change by 2050.
The following three companies accelerate this transition by investing into renewable energy projects in New York.
1) Eversource (Connecticut, US)
Connecticut-based Eversource transmits and delivers utilities such as electricity, gas and water to customers in Connecticut, as well as New Hampshire and Massachusetts.
Together with Ørsted, the company invested into the 924MW Sunrise Wind offshore wind farm which is the largest wind farm in New York.
Another project called South Fork Wind is also a 50-50 joint venture between Ørsted and Eversource. Located east of Montauk Point, New York, it holds a capacity of 132MW and is expected to be operational by the end of 2023.
2) AES (Virginia, US)
Virginia-based AES Corporation is an American Fortune 500 company. It generates and distributes electrical power as an Independent Power Producer and develops renewable energy supply from solar, wind and energy storage.
In 2021, AES Corporation purchased six onshore wind farms totalling 612MW in New York state from Valcour Wind Energy. Three wind farms totalling 279MW are in Clinton County, two with a combined capacity of 227MW are in Wyoming County and one 106MW project is in Franklin County.
This portfolio currently produces about 25% of New York’s wind power.
3) Cube Hydro Partners (Maryland, US)
US investor Cube Hydro Partners not only invests in, but also develops and modernizes hydroelectric facilities. Moreover, the company provides consulting services on projects.
It manages 15 hydro plants in New York, Virginia, Pennsylvania and West Virginia with a total capacity of 159MW and is planning to acquire four more projects.
For example, the investor acquired the Glen Park hydropower plant in New York. With a capacity of 32.65MW, the hydropower plant is expected to generate around 150,000MWh of electricity annually.
Image Source: Karsten Würth via Unsplash (19.07.2022)
