Key Capture Energy Plans Battery Energy Storage Plant in Saratoga County, New York
As an incentive, the Mechanicville-Stillwater Industrial Development Agency approved tax incentives of nearly $650,000 to advance the Key Capture Energy project, which will interconnect to the adjacent NYSEG substation.
The board also approved a PILOT agreement sought by Key Capture Energy, though the company could have used a provision in the state tax code to avoid property taxes altogether. This PILOT agreement will provide more than $160,000 to local taxing jurisdictions.
The incentive agreement approved by the IDA will provide the following estimated savings to the company: Property tax abatement on real estate improvements to the property: $79,963; Sales tax exemption on purchase of materials and supplies for the project: $540,000; Mortgage tax exemption of .075 percent: $30,000 for a total savings of $649,963,
“We are grateful to the Mechanicville-Stillwater IDA Board for its support of this exciting renewable energy project,” said Key Capture Energy Chief Development Officer Dan Fitzgerald. “We look forward to starting construction on an initiative that is in lockstep with New York’s goal of building a more efficient and environmentally friendly power grid.”
Saratoga County Prosperity Partnership, which spearheaded the application, will rebate its share of IDA fees, estimated at $33,750, to Key Capture Energy to provide additional savings to the company, a unique program offered only by the Saratoga Partnership.
“The Saratoga Partnership is delighted to assist Key Capture Energy in developing this project, which will serve as an important economic driver for Saratoga County,” said Marty Vanags, President of the Saratoga County Prosperity Partnership. “In better enabling green energy, creating direct jobs, and supporting job growth at companies in Saratoga County, this project exemplifies a long-term, sustainable approach to economic development.”
According to the Saratoga Partnership, “supporting New York’s ambitious goal of achieving 1500 MW of energy storage by 2025, the project will enable the creation of 25 construction jobs and 9 full-time positions. Just as importantly, the facility will provide clean energy to enhance power grid performance and reliability, addressing the needs of advanced technology companies, including GLOBALFOUNDRIES, and promoting further economic and job growth in Saratoga County.”
“We applaud Key Capture Energy for their vision and commitment to this innovative project, which will fuel new economic activity in Saratoga County,” said Kevin Hedley, Chairman of the Saratoga County Prosperity Partnership. “The Saratoga Partnership is thrilled to lend its expertise and support to help make this a reality.”
Groundbreaking is expected this fall for the KCE NY 1 project, which will have no emissions, a low noise profile, and be screened by existing vegetation and land masses.
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