Intel has also agreed to establish its 450mm East Coast Headquarters to support the overall project management in Albany.

The investment will retain and create 6,900 jobs in upstate New York, including 2,500 new technology roles, according to a statement issued by the governor's press office.

No private company will receive any state funds as part of the agreement. To support the project, New York state will invest $400 million in the State University of New York (SUNY) College for Nanoscale and Science Engineering (CNSE) in Albany, including $100 million for energy efficiency and low-cost energy allowances.

The state investment in CNSE will be made over a five-year period. "The state doesn't fund business. The state funds SUNY if and only if the jobs are actually being created," Cuomo said.