New Jersey company eyes Sewall's Island for hydroelectric, but Convalt has first rights

Craig Fox, Watertown Daily Times, N.Y.
4 min read
0

Feb. 8—WATERTOWN — Like he does on occasion, City Councilman Patrick J. Hickey was searching on the Federal Energy Regulatory Commission website Monday afternoon when he was surprised to learn a New Jersey renewable energy company is interested in developing a hydroelectric site on Sewall's Island.

The New Jersey company, LinkPast Solutions, has filed a preliminary application with the commission to build two hydro plants on Sewall's Island and develop recreational kayaking opportunities.

Saying he was "shocked" to learn about the company's plans, the councilman hopes LinkPast hasn't beaten the city to the punch and Watertown missed an opportunity.

"The city doesn't have the vision," he said. "We could have done the same thing. But the feeling is we're a small city and we don't have the money. You have to spend money to make money."

LinkPast Solutions filed the application on Feb. 3.

Councilman Hickey brought up the New Jersey company's plans during Monday night's City Council meeting. It was met by a hush from city officials and council members, who were also surprised by the news.

Brian McArthur, president of LinkPast Solutions, said he decided to look into hydro because of what New York has to offer in renewable energy and its new laws passed in recent years.

"We feel it's the right time to make a proposal," he said.

Plans call for the New Jersey company to construct two buildings that would house the hydro plants near the site of an abandoned plant and demolish an existing dam. All that's left of that plant is a skeleton of a building.

The company submitted an application to conduct a feasibility study of its proposal for Sewall's Island and four other islands in the Black River, according to paperwork filed with the federal commission.

The company also would develop world-class whitewater kayak courses on both sides of Sewall's Island.

LinkPast has also submitted a proposal to build two hydro plants at Felts Mills that would provide power for Fort Drum. The military installation will be looking for another source of energy because the biomass plant on post is slated to close in March.

Mr. McArthur mentioned that he's familiar with the north country's scenic beauty after attending Ithaca College for a communications degree. His father-in-law, local resident Steve Massaro, who has decades of experience in the hydro industry, also was an influence.

"Steve has talked about hydro for 15 years," Mr. McArthur said.

Councilman Hickey was surprised to hear about Mr. McArthur's connection with Watertown and Mr. Massaro.

Now with five employees, LinkPast Solutions began in 2018 and has been involved in "various projects" as a consultant. Mr. McArthur declined to offer more information because of confidentiality for the firm's clients.

It takes five years to go through the Federal Energy Regulatory Commission process for approval, Councilman Hickey said.

Watertown still holds the FERC license for the abandoned plant on the island. The city's FERC license is coming up for reapplication in 2035.

As he continues to look into his plans, Mr. McArthur said he's already started working on financing the projects but did not provide any additional information.

Despite that company's plans, Convalt Energy — the company that plans to build a 300,000-square-foot solar panel manufacturing plant near the Watertown International Airport in the town of Hounsfield — has the rights to Sewall's Island with the city.

Convalt has a one-year option to explore developing the city-owned island for hydro power.

Hari Achuthan, Convalt's CEO and president, said Tuesday that he's not worried about the New Jersey company's proposal. It's more important to "have control of the land and rights to the property," he said.

Convalt has both, he added.

The New Jersey company will have between 12 and 16 months to prove it can develop hydro. Mr. Achuthan doesn't believe it will be able to do that.

He's continuing to work on a final financing package for the solar panel plant. Once that is completed, he plans to focus on hydro on the island, Mr. Achuthan said.

"I have a plan," he said. "I always have a plan."

As for the kayaking component of the New Jersey company's plans, Mr. Achuthan said the company is just trying to appease the kayaking community, which opposes hydro development.

The city has its own long-range plans to redevelop another portion of the Black River for kayaking, near the Eastern Boulevard bridge, in what had been a popular kayaking spot that held national and world competitions, called the Route 3 Wave.

Advertisement

Recommended Stories

  • Are You Richer Than Your Peers? The Net Worth Needed To Be In The Top 10% Of Your Age

    While the ultrawealthy 1% often dominates financial headlines, the real question for most Americans is whether their net worth is comparable to that of their peers. Understanding what it takes to be in the top 10% at your age can provide valuable insight into your financial standing and reveal the milestones for success at different stages of life. Don't Miss: The average American couple has saved this much money for retirement — How do you compare? Are you rich? Here’s what Americans think you

  • Dow Jones Falls As Warren Buffett Stock 'Plunges' 99%; Bill Ackman Makes This IPO Move

    The Dow Jones fell on the stock market today. GameStop surged after influencer "Roaring Kitty" claimed a big stake. AI stock Nvidia popped.

  • What Percentage Of People Retire With A $1 Million Nest Egg? It's Far Less Than You'd Expect

    For decades, the $1 million retirement savings goal has been considered the gold standard for a secure and comfortable post-work life. However, the reality for most Americans is quite different. According to the Federal Reserve’s latest Survey of Consumer Finances, only about 10% of American retirees have managed to save $1 million or more. This leaves a significant 90% who fall short of this milestone. Don't Miss: The average American couple has saved this much money for retirement — How do you

  • Time to Pounce: 2 Beaten-Down Ultra-High-Yield Dividend Stocks Begging to Be Bought in June

    Two high-octane dividend stocks -- with an average yield of 9.69% -- are ripe for the picking by opportunistic income seekers.

  • Nvidia's Stock Split Happens on June 7. Here's What to Expect.

    These are exciting times for Nvidia and its shareholders.

  • Roaring Kitty's GameStop options up millions, but cashing in may be tricky

    NEW YORK (Reuters) - "Roaring Kitty" Keith Gill, the stock influencer behind the 2021 meme stock frenzy, may be sitting on a paper profit of tens of millions of dollars on his position in GameStop options, but reaping those gains might not be easy. GameStop soared 21% on Monday after Gill’s Reddit account posted a screenshot showing a $116 million bet on the embattled video game retailer. The post, the first from the account in three years, also showed a position of 120,000 GameStop June 21 call options at a strike price of $20, worth $65.7 million at Friday's close.

  • Dave Ramsey Tells Caller To 'Sell Everything' After $26,000 Tractor Purchase Puts 61-Year-Old In 'Emergency Mode'

    Financial guru Dave Ramsey recently gave critical advice to Teresa, a 61-year-old woman from Arkansas facing severe economic challenges. Teresa, whose call was featured on The Ramsey Show earns $67,000 annually and has about $69,000 in debt, including student and personal loans, one of which she used to purchase a $26,000 tractor. Ramsey did not hold back when he told her, "Broke people don't have $26,000 tractors." He emphasized that Teresa's reluctance to sell the tractor, even at a loss, keep

  • Intel stock jumps as it takes fight to Nvidia and AMD with new AI lineup

    Intel CEO Pat Gelsinger said the current AI-investment boom is 'like the internet 25 years ago.'

  • 1 Ridiculously Undervalued Growth Stock Down 86% You'll Regret Not Buying on the Dip

    As the broader stock market continues rising, finding bargain growth stocks is becoming harder.

  • TSMC says it has discussed moving fabs out of Taiwan but such a move impossible

    HSINCHU/TAIPEI, Taiwan (Reuters) -Taiwanese contract chipmaker TSMC, whose major clients include Nvidia and Apple, said on Tuesday it had held talks with some customers about moving its chip plants off the island as tensions mounted with China but such a move would be impossible. Tensions between China and Taiwan have increased sharply since Beijing launched war games around the democratically governed island last month following inauguration of Taiwan President Lai Ching-te, who Beijing denounces as a "separatist". "Instability across the Taiwan Straits is indeed a consideration for supply chain, but I want to say that we certainly do not want wars to happen," Taiwan Semiconductor Manufacturing Co (TSMC) Chairman C.C. Wei told reporters after the company's annual general meeting.