JCIDA delays vote on Convalt Energy land deal
WATERTOWN, New York (WWNY) - A solar manufacturing facility needs an extension to buy land where it wants to build near Watertown. It doesn’t get that extension, yet confidence still remains that the project will happen.
The Jefferson County Industrial Development Agency held a special meeting Tuesday to extend a land development agreement with Convalt Energy.
The company is still working on getting the money it needs to build a 315,000-square-foot solar panel manufacturing plant in the town of Hounsfield.
After discussing the extension in executive session, CEO David Zembiec says no vote was taken.
“We weren’t able to get an agreement ready in time for the board to review and approve today,” he said.
This is the third time Convalt Energy CEO Hari Achuthan has asked for more time. Despite the delay, Zembiec says there is progress.
“We have been involved in some conference calls and been copied on some the email exchanges between potential lenders. They have shared us copies of term sheets,” said Zembiec.
Term sheets mean agreements with possible investors in the $75 million project.
Zembiec says although the timeline has been moved back, the board is still in favor of moving forward with the project.
“In several years you could be employing close to 2,000 people in total. I think the size of the employment, the capital investment, the nature of the technology, it is very desirable development to have in our community,” he said.
A vote to extend the land agreement is expected to be held at the October 5 board meeting.
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