Convalt getting million$ through state’s clean energy financing

Published: Aug. 10, 2023 at 3:41 PM EDT
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WATERTOWN, New York (WWNY) - Financing still needs to come together for a new solar panel manufacturing facility.

Convalt Energy will get between $15 million and $20 million in funding through the state’s clean energy financing program called C-PACE.

That’s according to Dave Zembiec with the Jefferson County Industrial Development Agency.

Convalt has an 88-acre plot of land near the Watertown airport in the town of Hounsfield and wants to put a 300,000-square-foot manufacturing facility there, employing hundreds.

Company CEO Hari Achutan says the company is in final negotiations with customers who are looking to buy the solar products and having customers will help Convalt close on the needed financing.

“I think it’s looking fine. I mean they are pretty transparent with us. We’ve been involved in some of these discussions with the lenders that they are talking to, so we appreciate that transparency, gives us some confidence. Things are moving forward, it is just really a matter of the process they just go through to secure the sales contracts to provide the security the lender wants to see,” said Dave Zembiec, CEO of the Jefferson County Industrial Development Agency.

The goal is to have the plant running next summer.