WATERTOWN, New York (WWNY) – An agreement has been finalized to get the Jefferson County Industrial Development Agency $1 million it’s owed after a failed solar panel manufacturing facility endeavor.
According to legal documents, Convalt Energy and Hari Achuthan will execute a phased settlement to pay back the initial loan amount of $1.05 million.
The first payment of $125,000 has been made. The remaining $925,000 is due by Nov. 30.
Convalt had plans to build large manufacturing buildings on land near the Watertown airport owned by the JCIDA and employ thousands of people making solar panels. It never happened.
JCIDA officials said getting this agreement and the money back will help it with other local projects. Convalt has said it appreciates the community’s trust that the money would be repaid.
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