ReEnergy Holdings LLC in Albany, New York announced that it has purchased an energy plant in LeRay that has not been operational since 2010. The company plans to convert the plant to run on biomass and it is expected to joint he grid in early 2013. Officials have agreed to sell renewable energy credits to the New York State Energy Research and Development Authority under the state’s Renewable Portfolio Standard . The plant will provide new jobs and boost property tax revenues which had decreased after the plant shut down. As it had previously done, the plant will pay property taxes to the town of LeRay, the Carthage Central School District and Jefferson County.
The plant’s previous owners, United States Power Fund LP, had reduced its assessment gradually, working with municipalities during the plant’s closure causing property tax revenue to decline in parallel. School district officials are optimistic of the increased property tax revenues to coincide with the plant’s return.
Work to refurbish the plant is slated to begin in the next six weeks.