ANNOUNCEMENT 23 Sep 2014In September 2014, a US state government announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
In a deal announced in September, 2014, the private firm SolarCity will receive assistance from the State of New York to build a solar panel plant in South Buffalo. Using land on a former Republic Steel plant site in South Buffalo, the factory will produce solar panels and, according to one press report, 'would be the biggest solar panel factory in the Western Hemisphere and one of the biggest in the world.'
SolarCity plans to invest $5 billion in the site, including payroll and operating expenses, over the next decade. The investment by the State of New York is expected to reach $750 million. The state will spend $350 million to build the factory on South Park Avenue and provide $400 million in funding for equipment.
SolarCity hopes to have the factory in production as soon as the first quarter of 2016. SolarCity also plans to establish a research and development center in New York, dividing that work between the Buffalo factory and facilities associated with the SUNY Polytechnic Institute in Albany.
The product in question is potentially tradeable.