AES Seeks $12.5 Million in IDA Incentives for 125 MW Somerset Solar Project
AES is pursuing $12.5 million in tax exemptions from the Niagara County IDA for its $276.6 million Somerset Solar project. The project, expected to create 98 construction jobs and reduce CO2 emissions by 177,068 tons annually, aims to commence construction in late 2026. It has received necessary state approvals and plans to connect to the power grid at the Kintigh Substation.
Theia Market Signal Identification - AI Assisted
AES is seeking $12.5 million in incentives from the Niagara County Industrial Development Agency for its 125 MW Somerset Solar project, which has an estimated cost of $276.6 million. The incentives include $3.5 million in property tax exemptions and $8.6 million in sales tax exemptions.
The project is expected to generate $14.6 million in tax revenue and create 98 construction jobs. Construction is targeted to begin by the end of 2026, with completion anticipated in two years. The facility will connect to the 345 kV Kintigh Substation and is projected to reduce carbon emissions by 177,068 tons annually, providing power for over 25,000 homes. AES has secured a contract with NYSERDA to sell the generated power.
Comments