July 4, 2016
America’s largest portfolio of new hydroelectric projects on existing dams receives FERC license through congressionally mandated 2 year licensing process for project on the Kentucky River in Kentucky
BOSTON, May 11, 2016 /PRNewswire/ — Rye Development announced today the receipt of a hydropower license from the Federal Energy Regulatory Commission (FERC) for the Kentucky Lock and Dam 11 Hydroelectric Project, which is owned and operated by the Kentucky River Authority. The Project was the only one selected by FERC for its pilot program testing a new, 2-year hydropower licensing process that Congress mandated in the Hydropower Regulatory Efficiency Act of 2013.
The Project is expected to have a generating capacity of 5 megawatts (MW). It underwent an extensive evaluation process that included environmental and technical studies and the development of an Environmental Assessment (EA) by FERC staff.
“The implementation of this expedited process can help set the stage for increased development of new hydropower on existing dams throughout Kentucky and the United States,” said Ramya Swaminathan, CEO of Rye Development. “We are excited that we were able to assist FERC in building and testing the new licensing framework. We applaud the members of the Kentucky congressional delegation for their continued support for the development of hydropower on existing dams throughout the Bluegrass State.”
“The development of the Kentucky 11 hydropower Project will represent an investment of more than $12 million in the state of Kentucky,” Swaminathan added. “The project will create 100 to 150 jobs during construction as well as continued staffing and service employment during operations. The clean, reliable electricity produced by the projects will be enough to power over 2,500 homes and businesses and will be a long term resource for Kentucky. We hope that the Kentucky 11 project helps to set the stage for more significant development of new hydropower on existing dams within the state.”
The Project is expected to start construction in 2017 and commence operations in 2018.
About Rye Development/FFP New Hydro
Rye Development is the manager of FFP New Hydro, LLC, which has a portfolio of 23 hydropower development projects with 13 FERC licenses on existing dams in PA, WV, OH, MS, KY, IN, and LA totaling over 260 MW. These projects are low impact run-of river hydropower development projects, which will, when constructed, provide clean, renewable power in their host communities for generations to come.
Forward-Looking Statements: All statements in this press release other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including statements relating to the Muskingum River Hydro partnership, the project’s expected energy performance, as well as other future economic and industry conditions. Actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause actual results to differ materially from our forward-looking statements are also set forth in AECOM’s quarterly report on Form 10-Q for the period ended December 31, 2015, and other reports filed with the U.S. Securities and Exchange Commission. The parties do not intend and undertake no obligations to update any forward-looking statements.
– NR 16-0301
FFP New Hydro: