NYPA Supporting 5 MW Solar Power Project Whose Federal Tax Credits Expired

The New York Power Authority (NYPA) is participating in developing Hannacroix Solar, a 5 MW solar power project located in Greene County, New York.

NYPA’s support for the project will help it make construction deadlines associated with federal tax credits expiring for solar and wind projects.

Hannacroix Solar will contribute to NYPA’s Renewable Energy Access and Community Help (REACH) program, which provides bill credits to low-income New Yorkers.

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 will provide initial financing to advance Hannacroix Solar through its remaining pre-construction development activities, according to a press release from NYPA. Pending final due diligence and customary closing conditions, NYPA will finance the project’s construction later this year, fully acquiring it in 2027. The agreement was negotiated between Teichos Energy, the project’s developer, and the New York Renewable Energy Development Holdings Corp. (NYRED)—a unit created to facilitate the NYPA’s renewable efforts.

According to a press release from the utility, NYPA is looking for project partnership opportunities with shovel-ready projects whose federal tax incentives are expiring. The governor directed state entities to fast-track such programs in September 2025.

NYPA struck 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.

NYPA’s renewables efforts are supported by $200 million in funding through the Sustainable Future Program. NYPA has allocated $1.2 billion to support the development of renewables projects through 2029, outlined in its four-year capital plan.