The New York Power Authority (NYPA) is selling US$213M of fixed-rate taxable revenue bonds to help finance the federal re-licensing costs of the 900MW St. Lawrence-Franklin D. Roosevelt hydro plant in Massena.
Bond proceeds will also be used to refurbish the Robert Moses dam’s 16 turbine generators and replace equipment that has been in use since its opening in 1958.
In late October, the Federal Energy Regulatory Commission approved a new 50-year license to NYPA to continue operating the project. The license requires NYPA to spend large sums of money on fish passage and wildlife habitat improvements as well as on parks and recreational facilities along 48km of the St. Lawrence river valley.
The St. Lawrence river was once one of the largest migratory grounds of American eel in North America, but the dams have blocked the species’ passage, causing the population to decline.
Proceeds will also be used to stabilise the St. Lawrence shoreline, which is damaged by the water flow over the hydro facility.