The governor reports that the state will provide $5 million in grants in connection with the renovation project that should take from 12 months to 18 months to complete. In total, state and local incentives for the project total approximately $7.5 million. The new positions will support GE Power Generation's various technologies from renewables such as wind and solar to fossil fuels, including natural gas and coal.

GE Power Generation, a division of GE Energy of Atlanta, will renovate more than 200,000 sf of space at Building 53 on its GE Energy campus. GE Power Generation will also receive property tax abatements of approximately $825,000 evenly divided between Schenectady County and the City of Schenectady for a period of 10 years. The City of Schenectady has also agreed to provide $2 million in sales tax savings on investments for building materials, furniture and fixtures. GE also could be eligible for up to $1.4 million from the New York State Energy Research Development Authority for energy-efficient equipment and construction.

Steve Bolze, president of Power Generation for GE Energy says, "This is an excellent example of the global market driving local growth. We are seeing a dramatic, global increase for cleaner and more efficient ways of producing energy. By expanding our existing resources we are investing now to ensure we continue to deliver technology solutions that will meet our customers' growing requirements in the years ahead."

Gov. Spitzer adds, "GE has been a part of the Schenectady community for over 120 years, and this new investment, will provide needed employment opportunities that will serve as a springboard for the city's future. GE's decision to expand its operation in Schenectady demonstrates that our economic development strategies are working."

In July, GE Energy unveiled plans to open a new Wind Product Management and Customer Support Center in its Schenectady-based Renewable Global Headquarters, which will produce 150 new jobs. Construction on that facility will likely begin at the same time as the renovation project at Building 53, a company spokesperson says.

Currently, GE Power Generation employs approximately 3,200 workers at its 640-acre Schenectady campus. Besides the Power Generation division's operations, the complex is also home to GE's steam turbine and generator manufacturing facilities and the aforementioned Renewable Global Headquarters. GE Energy is one of the world's leading suppliers of power generation and energy delivery technologies and posted revenue in 2006 of $19 billion.

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GE Division To Expand Operations Upstate

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