Posted at: 12/21/2012 11:27 AM
Updated at: 12/21/2012 12:20 PM
By: Associated Press
Officials say Illinois-based Recycled Energy Development will buy, upgrade and operate utilities on the grounds of Kodak's Eastman Business Park in Rochester.
RED Chief Executive Officer Sean Casten says Friday the company plans to invest $40 million to $80 million to upgrade a coal-fired power plant to natural gas.
The utilities provide power, steam, water, refrigeration, compressed air and nitrogen, and wastewater treatment for 37 tenants.
The business park was seen as vital toward keeping businesses in Rochester, made more pressing by Kodak's bankruptcy filing.
RED, which operates about 200 energy recycling projects similar to the one in Rochester, will pay $10 million for the plant. The sale is subject to court approval and requires regulatory approvals and permitting, including from the New York State Public Service Commission.