The New York Power Authority Board of Trustees has approved economic development awards to three companies that will create 79 new jobs and spur nearly $46 million in capital investments.
The announcement came from Gov. Kathy Hochul.
"These awards will spur nearly $46 million in capital investments and create dozens of good-paying jobs in Western New York and the North Country, all while advancing the aggressive goals of our nation-leading climate agenda," Hochul said. "By providing businesses with the support and resources they need to thrive, we are revitalizing local communities and helping to secure a cleaner, more prosperous future for New Yorkers."
The NYPA board awarded two Erie County businesses with low-cost hydropower allocations generated at the authority's Niagara Power Project in Lewiston and one St. Lawrence County business with funding through the Northern New York Power Proceeds program.
LW1 Operator, a cannabis production company, was awarded 2,930 kilowatts of low-cost hydroelectric power by the NYPA Board. LW1 plans to invest at least $24.2 million to develop a 75,000 square-foot cannabis production facility in Buffalo that will create 75 jobs. The project will include activities related to cannabis manufacturing, cultivation, packaging and distribution.
NYPA's board also approved a 400-kilowatt, low-cost hydropower allocation to Niagara Refining in Erie County. The company is a manufacturer of tungsten raw materials, which are commonly used in alloys to create high-density items such as turbine blades, heat sinks and x-ray tubes.
Niagara Refining is planning a multifaceted expansion at its Depew facility that includes the installation of several critical systems. The expansion project will involve a capital investment of at least $8.3 million.
