New investors have provided the funding necessary to move the 10.26-MW Marseilles hydropower plant forward, project developer Gravity Renewables has announced.
Following the “successful recapitalization and reorganization of its ownership”, the Colorado-based group said it has acquired the property and rights to the Marseilles Land & Water Company (MLWC), which owns the Federal Energy Regulatory Commission license required for the project’s construction.
The project will use existing headrace infrastructure that was installed for a prior hydropower plant that was completed in the early 1900s.
“This deal will revitalize a project with a long and storied history,” Gravity Renewables Chief Operating Officer Ted Rose said. “It is an exciting milestone for Marseilles and the small hydro industry.”
Summit Energy Development Group, a California-based energy company, will serve as project manager and developer. Meanwhile, Switzerland’s Signina Capital will act as the principal investor.
The Marseilles project will be located near the U.S. Army Corps of Engineers’ Marseilles Lock and Dam. Gravity Renewables said it expects the project to be operational in 2015.
HydroWorld.com reported in March 2012 that MLWC had awarded Mavel a contract to supply turbines for the project.
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