Gravity Renewables, an owner and operator of small hydro projects, has completed its acquisition of the Seneca Falls and Waterloo hydroelectric facilities.
The facilities add 10 MW to the company’s portfolio and mark the fourth New York-based acquisition in just over three years.
Gravity Renewables and Tompkins County entered into a long-term operating agreement for the 2 MW Waterloo facility.
Tompkins County is a member of the Municipal Electric and Gas Alliance (MEGA), an electricity aggregator representing nearly 300 New York counties and municipalities, which selected Gravity as its in-state small hydro provider after a competitive public solicitation process.
In 1915, engineers and investors embarked upon a plan to harness the additional water volume and elevation required to operate the newly-completed Seneca-Cayuga Branch of the Barge Canal to generate hydroelectricity. The results were the Waterloo and Seneca Falls hydro facilities completed in 1916 and 1917, respectively.
Ted Rose, Gravity Renewables’ CEO said:
“The Seneca Falls and Waterloo hydro facilities are a perfect fit for Gravity. Nearly a century old, these facilities deserve to be both preserved for their historical significance and to continue to provide clean power to central New York.”
Michael Lane, Chairman, Tompkins County Legislature stated:
“We are pleased to learn that Gravity Renewables has successfully completed this acquisition. We are proud of our partnership with Gravity and are confident that its team will responsibly maintain and operate these facilities for the long-term benefit of our region.”
Ron Feldstein, Chief Executive Officer of MEGA said:
“We are thrilled that Gravity is helping Tompkins County become a renewable energy leader by providing electricity from its newly acquired Waterloo hydro facility. Gravity has again proven its commitment to New York State counties and municipalities by preserving small hydropower and the local economic development benefits that come with it.”