Seneca Falls, NY, Sept 1, 2016 – Gravity Renewables, a leading national owner and operator of small hydro projects, has completed its acquisition of the Seneca Falls and Waterloo hydroelectric facilities. The facilities add ten megawatts (MW) to the company’s portfolio and mark the fourth New York-based acquisition in just over three years.
“The Seneca Falls and Waterloo hydro facilities are a perfect fit for Gravity,” said Ted Rose, Gravity Renewables’ CEO. “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.”
Gravity Renewables and Tompkins County entered into a long-term operating agreement for the two megawatt Waterloo facility. “We are pleased to learn that Gravity Renewables has successfully completed this acquisition,” said Michael Lane, Chairman, Tompkins County Legislature. “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.”
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. “We are thrilled that Gravity is helping Tompkins County become a renewable energy leader by providing electricity from its newly acquired Waterloo hydro facility,” said Ron Feldstein, Chief Executive Officer of MEGA. “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.”
History: 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.
Gravity Renewables is a leading national owner, operator and developer of small hydroelectric power plants. Small hydropower provides predictable, reliable, affordable clean energy that’s locally produced. By making a long-term commitment to these neighborhood facilities, Gravity restores and conserves important historical sites, employs local operators and promotes educational and recreational opportunities in the communities it serves. Gravity currently has more than 40 MW of hydroelectric projects operating and under development across the country. In New York, Gravity owns the Chittenden Falls, Stillwater and Mill Pond hydro facilities, in addition to Seneca Falls and Waterloo. For more information, please visit www.gravityrenewables.com or contact us at 303.440.3378. Follow Gravity Renewables on Twitter or Facebook.