NEW YORK POWER AUTHORITY ANNOUNCES COMPLETED $20 MILLION RENOVATION AT AEROSPACE FIRM IN SUFFOLK COUNTY

Highlights major impact of ReCharge NY Power Program, Supports 1,500 Jobs in Long Island Aerospace Industry

WHITE PLAINS – (RealEstateRama) — The New York Power Authority today announced the completion of a $20 million renovation project by Magellan Aerospace, New York, a Long Island-based aircraft parts manufacturer. Magellan is receiving low-cost electricity from the Governor’s ReCharge NY program supporting 125 jobs and $27 million in capital investments.

Gil C. Quiniones, NYPA president and CEO said, “ReCharge NY is having a big impact across New York State and Magellan Aerospace is a great example of the benefits the program provides. The goal of RNY is to give firms the incentive they need to stay and grow in New York. Magellan is a prime example of that.”

The aerospace firm, located in Bohemia, receives 1,200 kilowatts of electricity from the New York Power Authority through ReCharge NY which provides businesses with lower-cost power in exchange for agreeing to retain or create jobs and commit to new capital spending.

Magellan’s $20 million renovation, which was completed earlier this year, included the purchase and installation of several cutting-edge milling and metal cutting machines, which are used to craft complex parts for the aerospace industry. These parts include landing gear and hydraulic assemblies for large commercial aircrafts and wing and fuselage assemblies for defense aircrafts, including the 35 Lighting II aircraft.

ReCharge NY supports 11 other aerospace industry customers on Long Island. In total, RNY allocations support more than 59,000 jobs on Long Island and more than $2.7 billion in capital investments.

Magellan Aerospace has locations worldwide and provides complex assemblies and systems solutions to aircraft and engine manufacturers, defense and space agencies worldwide. NYPA estimates Magellan has saved hundreds of thousands of dollars under ReCharge NY since its Bohemia facility began receiving ReCharge NY power in 2012.

John Marcello, general manager for Magellan Aerospace, New York said, “With the savings we’ve made from ReCharge NY, we reinvested in our facility and are able to open new doors. Thanks to Governor Cuomo and NYPA for providing critical support and making an impact where it counts.”

“ReCharge NY is a great program to assist businesses with lowering their energy costs in an effort to retain and increase employment opportunities, said Suffolk County Executive Steve Bellone.  “This program promotes economic development within our region and I am thankful to Governor Cuomo and the New York Power Authority for the much-needed assistance they provide to companies supporting our local economy.”

“One of our highest priorities is to retain and grow manufacturing jobs in the Town of Islip and on Long Island,” said Angie Carpenter, Islip Town supervisor. “ReCharge NY provides a powerful tool in achieving this important objective.”

Magellan also receives ReCharge NY power at its Queens plant, with commitments to support 178 jobs and more than $5 million in capital investments.

Governor Cuomo launched ReCharge NY in 2011 to help businesses and not-for-profit organizations lower their operating costs and spur economic development. Half of the power under the program—455 megawatts—is from NYPA’s Niagara and St. Lawrence-FDR hydroelectric power plants, which provide some of the lowest-cost electricity in the state. The remaining 455 MW is lower-cost power NYPA buys on the wholesale market.

The Governor’s program has provided more than 755 MW to 728 enterprises over the last four years, supporting roughly 360,000 jobs. (One megawatt is enough power to meet the needs of 800 to 1,000 typical homes.)

NYPA issued in December a report to Governor Cuomo on the progress of RNY. To view the full report, go to http://www.nypa.gov/RechargeNY/ReChargeNYEff_2016.pdf

About NYPA:

NYPA is the nation’s largest state public power organization, through the operation of its 16 generating facilities and more than 1,400 circuit-miles of transmission lines. NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. For more information visit http://www.nypa.gov/and follow us on Twitter @NYPAenergy,Facebook, Instagram, WordPress, and LinkedIn.

Contact:
Paul DeMichele | Paul.DeMichele (at) nypa (dot) gov | (914) 390-8186

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