State officials say Alcoa Inc. is set to invest $52 million in northern New York under an agreement that continues to provide low-cost hydropower to the aluminum company.
Gov. Andrew Cuomo says Alcoa will spend $42 million to prepare for modernization and added capacity at its plant in Massena. Cuomo says the company will provide another $10 million to the North Country Economic Development Fund serving St. Lawrence, Franklin, Essex, Jefferson, Lewis, Hamilton, and Herkimer counties and on the Akwesasne (og-wuh-SAHZ’-nee) Mohawk Reservation.
The allocation of 478 megawatts of power from the New York Power Authority is part of a deal intended to maintain at least 900 jobs at the aluminum plant.
Alcoa agreed in 2008 to spend at least $600 million upgrading its operations in exchange for the hydropower.
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