Rye Development Receives FERC License for Allegheny Lock and Dam 2 Hydropower Project to be Located at Riverfront 47 as Part of Innovative Partnership

BOSTON, April 3, 2017 /PRNewswire/ -- Rye Development announced today the receipt of a hydropower license from the Federal Energy Regulatory Commission (FERC) for the Allegheny 2 Hydroelectric Project, a 17-Megawatt facility, which will be located on the Allegheny No. 2 Lock and Dam owned by the US Army Corps of Engineers. Rye Development and Riverfront 47 said their innovative partnership was designed to combine the residential/mixed use development with a local and reliable source of clean, renewable energy.  Both Rye Development and the Riverfront 47 development team, said they look forward to working with the Army Corps of Engineers to bring this project to fruition.

This low-profile powerhouse planned for the Allegheny 2 project will generate enough energy to power over 8,500 homes with clean, renewable energy for generations to come. This local investment of over $60 million will create 150-200 jobs during construction, operations and maintenance. Construction is expected to commence in 2018 and be completed, with the facility online, in 2020.

Ramya Swaminathan, CEO of Rye Development, said: "Receiving this license is a major milestone in our plans to create clean energy and jobs in the region.  We appreciate Riverfront 47 incorporating our facility into their plans and supporting our efforts.  In addition to providing an additional local source of clean energy, we believe in R47's vision of a project that enhances the community.  The plant will have a minimal footprint and, as part of our FERC licensing process, we committed to providing recreational enhancements for local residents.  It also creates the ability for R47 to be energy independent and for a facility on its property to be producing far more energy than the development itself requires."

Mark Minnerly, Director of Real Estate at The Mosites Company, said: "We are building a coalition of stakeholders to jointly control this 66-acrea area of waterfront.  With Rye Development joining this effort, along with entities including Riverfront 47, the municipalities and Aspinwall Riverfront Park, we will have an excellent opportunity to make this riverfront industrial reclamation into one of the greenest and sustainable waterfront districts of its kind."

FFP New Hydro LLC has a portfolio of 23 hydropower development projects 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 provide clean, renewable power in their host communities. Rye Development is the manager of FFP New Hydro.

SOURCE Rye Development