Renewable Power Purchase Agreement

This Renewable Power Purchase Agreement (“RPPA”) is for the long-term purchase (25-year term) of renewable energy credits (“RECs”) associated with renewable energy generated by an affiliate of the New York Power Authority (“NYPA”) by the Office of General Services (“OGS”) in accordance with the Governor’s Public Power for Public Entities Program to advance the renewable electricity goal set forth in Governor Hochul’s Executive Order 22 (“EO22”). OGS purchases electricity for 21 State Agencies, all of whom are required, pursuant to EO22, to purchase 100% renewable electricity by 2030. In Governor Hochul’s January 2025 State of the State book, Governor Hochul announced that all EO22 “Affected Entities” will participate in the Public Power for Public Entities Program, whereby NYPA would supply RECs associated with renewable energy generated by a NYPA affiliate to the Affected Entities to advance progress towards the 100% renewable energy goal. The RPPA would supply approximately 30% of the OGS Electricity Buying Group’s required renewable energy. NYPA, through its wholly-owned subsidiary the New York Renewable Energy Development Holdings Corporation, is advancing the acquisition of a solar project (the “Project”) that will be the source of RECs for this RPPA. The RPPA is structured as a financial arrangement between OGS and NYPA whereby the REC price is derived by subtracting an energy price received by the Project from a fixed Strike Price over a 25-year term. OGS intends to award this contract to NYPA pursuant to State Finance Law § 97-G.