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NYPA power allocations could leverage over $14 million investment in Potsdam Specialty Paper, Riverside Iron Works in Gouverneur

Posted 8/6/14

NYPA power allocations are expected to leverage more than $14 million in capital investment at Potsdam Specialty Paper and Riverside Iron Works in Gouverneur. NYPA has added to its list of companies …

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NYPA power allocations could leverage over $14 million investment in Potsdam Specialty Paper, Riverside Iron Works in Gouverneur

Posted

NYPA power allocations are expected to leverage more than $14 million in capital investment at Potsdam Specialty Paper and Riverside Iron Works in Gouverneur.

NYPA has added to its list of companies and institutions receiving the low-cost power – at about half the normal rate through the ReCharge NY program – but has not added any more North Country entities to the lost.

The companies selected to receive the low-cost power promise to maintain or add to the number of jobs at those facilities.

The Gouverneur and Potsdam companies were on the list announced last week.

Riverside Iron Works in Gouverneur, which had been idle, says it will create 12 jobs and use 46 kW of NYPA power. NYPA also says that power will spur leverage of $350,000 in capital investment.

Potsdam Specialty Paper says it will retain 67 jobs while using 2,116 kW of power. That is expected to draw $14 million in capital investment.

Statewide, NYPA says it estimates the recently announced allocations will allow leverage of a total of $270 million in capital investments.