NYPA will spend $3.7 million on the project, and under an agreement reached in 2011, Alcoa will reimburse the power company for engineering, procurement and construction costs.
Gil C. Quiniones, the authority’s president and chief executive officer, said the support of Alcoa’s modernization “goes well beyond the low-cost St. Lawrence-FDR hydropower assigned to the company’s Massena facilities.
“Under Gov. Cuomo’s leadership, we continue to work closely with Alcoa to make the project a reality to protect hundreds of jobs and spur capital investments of hundreds of millions of dollars.”
Alcoa announced in March it would invest at least $600 million to modernize its Massena plant and retain at least 900 jobs at its smelters in exchange for 478 megawatts of low-cost hydropower from NYPA.
Alcoa is also investing $10 million toward a North Country Economic Development Fund as part of the 30-year power agreement with NYPA. That pact begins Jan. 1, 2014, and includes a 10-year option to extend service beyond 2045.
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