Project to Provide Bill Credits for Low-Income New Yorkers Through REACH Program
WHITE PLAINS, N.Y.—The New York Power Authority (NYPA) today announced its participation in the development of Teichos Energy’s Hannacroix Solar project, a 5-megawatt (MW) solar project located in Greene County. The Power Authority’s support for the project will bring a needed source of clean electricity to our state in a timely manner and help ensure our state’s ratepayers will benefit from the available federal tax credits for solar projects. When operational, Hannacroix Solar will contribute to the Power Authority’s Renewable Energy Access and Community Help (REACH) program, which provides bill credits to low-income New Yorkers.

“Since NYPA was authorized less than three years ago to support large-scale renewable energy development, it has worked diligently to stand up a program capable of accelerating clean energy projects across New York State,” said New York Power Authority President and CEO Justin E. Driscoll. “Amid 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’s efforts to strengthen New York’s grid with emissions-free generation resources.”

“NYPA has long been recognized as an innovator in the electric power industry and we welcome the opportunity to advance their goals of making New York’s electric power mix cleaner while stabilizing power costs” said Teichos CEO Stephen Voorhees.

Through its large-scale renewables program, NYPA is exploring project partnership and acquisition opportunities across New York State. As federal tax credit deadlines approach, NYPA is leveraging its resources to accelerate renewables project development. NYPA has entered into exclusivity agreements for projects totaling more than 350 MW and will launch the process to develop a new biennial renewables strategic plan later this year.

Under the terms of the deal announced today, 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’s construction later this year, fully acquiring it in 2027. The agreement was negotiated through the New York Renewable Energy Development Holdings Corporation (NYRED), a wholly-owned NYPA subsidiary created to facilitate the Power Authority’s renewable efforts.

The project, located at exit 17 off the New York State Thruway, could power future on-site electric vehicle charging stations with solar energy — an inherently inflation-resistant source of power that is not tied to fluctuating fuel costs. It offers a more stable alternative to the energy challenges we face today.

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’s efforts to develop, own, and operate renewable generation and energy storage projects.

NYPA Renewables
The Power Authority’s renewables program was established in the 2023-24 Enacted State Budget. The budget legislation—signed into law by Governor Kathy Hochul—authorized and directed NYPA to advance renewable energy projects, support clean energy workforce training, and establish the REACH program. The Power Authority’s renewables efforts are further supported by $200 million in funding through the Sustainable Future Program, announced by Governor Hochul as part of her 2025 State of the State and approved in the 2025-26 Enacted State Budget. NYPA has allocated $1.2 billion to support the development of renewables projects through 2029, outlined in its four-year capital plan.

For more information on the Power Authority’s efforts to develop renewable energy generating projects, please visit www.nypa.gov/renewables.

About NYPA
The New York Power Authority is the largest state public power organization in the nation, operating 17 generating facilities and more than 1,550 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA finances its operations through the sale of bonds and revenues earned in large part through sales of electricity.

About Teichos
Teichos Energy develops utility scale, sustainable energy projects that provide long term, lower cost solutions for its customers. Members of its senior management team have successfully developed solar, wind and geothermal projects in North and South America.