RISE LIGHT & POWER PROPOSES OFFSHORE WIND PORT TO CATALYZE JOB CREATION, GREEN ECONOMIC OPPORTUNITY FOR LIC

QUEENS, NY (08/19/2024) (readMedia)-- Rise Light & Power submitted a proposal to the New York State Energy Research and Development Authority (NYSERDA) that, if selected, would result in the development of a world-class, multi-user offshore wind port at the Ravenswood Generating Station in Long Island City, Queens. The project would repurpose portions of Ravenswood's existing industrial waterfront, including retired gas turbine peaker generators, into the permanent base for offshore wind projects and their support vessels that shuttle workers and equipment from shore to sea. The project will provide substantial economic benefits for Western Queens and provide a stable base for New York's growing offshore wind industry.

"Rise Light & Power applauds Governor Hochul and the leadership of NYSERDA for prioritizing investment in the offshore wind supply chain, which will not only create good-paying local union jobs, but also help to lower the cost of local clean energy," said Clint Plummer, Chief Executive Officer of Rise Light & Power. "By leveraging existing infrastructure and waterfront access, our project can help make the State's offshore wind program more affordable, while supporting our partners in the local entire Western Queens community in their goals for economic development, community revitalization and environmental justice."

The proposal includes an innovative collaboration with the Oceantic Network (formerly the Business Network for Offshore Wind), a leading not-for-profit focused on powering the renewable energy supply chain. Oceantic will provide business attraction, mentorship, and technical assistance to current and future businesses in the Long Island City Industrial Business Zone adjacent to Ravenswood.

The project was proposed in response to an open competitive solicitation in which NYSERDA is making available up to $200 million in funding for the construction, expansion, or renovation of port infrastructure and manufacturing facilities that support the offshore wind industry in New York State. Operations vessels, parts warehousing, control rooms, and maintenance staff would be based at the Ravenswood site, with the ability to expand and serve up to four gigawatt-scale projects in the future. By locating these key project components at Ravenswood, offshore wind projects can become eligible to claim federal Energy Communities Investment Tax Credit, reducing project costs and supporting the transition of Ravenswood into a renewable energy hub.

The application builds upon Rise Light & Power's Renewable Ravenswood vision, which proposes delivering a clean energy hub, just transition for union workers, and environmental justice victory to Queens. The proposed port would also support New York State's goal of delivering 9,000 megawatts (MW) of offshore wind by 2035 as required by the New York's Climate Leadership and Community Protection Act (CLCPA), which was passed in 2019.

"Investing in sustainable and renewable energy options like offshore wind needs to include the infrastructure to help build, maintain, and support it. This port facility will not only create new jobs, it will help bolster the Industrial Business Zone and ensure a greener future for younger generations," said Congresswoman Nydia M. Velázquez. "By repurposing existing waterfront industrial infrastructure at Ravenswood Generating Station, we can make Long Island City a hub for renewable energy."

"The families of Western Queens have long deserved a waterfront that is a driver of the local economy and on the forefront of the green energy revolution. As we reimagine a future free from fossil fuel power generation, which has historically left this community vulnerable to disease and disinvestment, repurposing the Ravenswood Generating Station must be at the heart of that mission," said Queens Borough President Donovan Richards Jr. "I thank Rise Light & Power for their efforts to build a cleaner, greener Western Queens through offshore wind initiatives like this one, and I look forward to working with all our government and community partners to deliver exactly that in the years to come."

"We are proud to partner with Rise Light & Power and leverage our network to attract tenants to the new facilities at Ravenswood and bring economic opportunity to Queens," said Liz Burdock, CEO of Oceantic Network. "Rise Light & Power's multi-user offshore wind port will be critical to building a sustainable and successful industry in what is a pivotal moment for the US offshore wind industry."

"The New York Building Congress is thrilled to support Rise Light & Power's proposal to NYSERDA, which would create a transformative offshore wind port at the Ravenswood Generating Station," said Carlo A. Scissura, Esq., President and CEO of the New York Building Congress. "As a longtime supporter of sustainable energy growth, we are thrilled to see Rise continue to move New York's offshore wind industry forward while serving as a cornerstone of economic revitalization in Queens. ?By repurposing existing infrastructure and creating a robust base for offshore wind projects and good paying union jobs, this initiative has the potential to reinforce New York's leadership in clean energy development, and we applaud Rise Light & Power for their ongoing efforts to advancing both economic and environmental goals for our city."

"As the City's Industrial Business Service Provider, LICP is uniquely positioned to support this plan," said Laura Rothrock, President of Long Island City Partnership. "We look forward to collaborating with Rise, their partners, and offshore operators to integrate their activities into the local technology and manufacturing sectors, securing LIC's role in the green economy and supporting the diversification of the LIC Industrial Business Zone."

"Waterfront Alliance is excited about Rise's proposal to build a renewable energy port in Long Island City," said Cortney Koenig Worrall, President & CEO of Waterfront Alliance. "By making renewable energy investments in a working waterfront facility, we can ensure good union jobs stay in New York City through our energy transition. We applaud Rise for their commitment to the WEDG® (Waterfront Edge Design Guidelines) standards in their design process and encourage NYSERDA to award this project."

"Rise Light & Power's proposal provides industrial businesses a new option for transportation by utilizing the waterways and reducing local traffic in industrial zones," said Zach Miller, Director of Metro Region Operations at the Trucking Association of New York. "This effort will add greater efficiency into the freight network while creating strong, living wage career opportunities for Western Queens residents."

ABOUT RISE LIGHT & POWER:

Rise Light & Power is a New York City based energy asset manager and developer, and is actively transforming its?core asset, the Ravenswood Generating Station, into a new clean energy hub. By redeveloping New York City's?largest power generating facility, Rise will permanently replace fossil fuel power with renewable energy, while?providing a just transition for its existing union workforce and economic opportunities for surrounding communities.?Renewable Ravenswood, core to Rise's growth-oriented strategy, is at the forefront of the ambitious clean energy?transition taking place in New York State and will continue to provide reliable and cost-effective electricity for New?York City for decades to come. Rise Light & Power is a wholly owned affiliate of LS Power. For more information,?please visit?www.riselight.com.

ABOUT LS POWER:

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions. Since inception, LS Power has developed or acquired 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Additionally, LS Power Grid has built 780+ miles of high-voltage transmission, with 350+ miles and multiple grid infrastructure projects currently under construction or development. LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised more than $60 billion in debt and equity capital to support North American infrastructure. For information, please visit www.LSPower.com.