Plan to boost energy to Co-op City could save the complex millions
Plans are in the works to give Co-op City an energy boost. The Riverbay board is looking to make the plant a co-generation power plant, which could save the cooperative millions.
A portion of the $475 million refinancing deal that was reached with the state's Housing Finance Agency will be used to upgrade the power plant and give Co-op City its own generator. The hope is to get Co-op City off of the grid so that when citywide blackouts such as the one last summer occur, Co-op City will not be affected. The plan could also make money for Co-op City because it would be able to sell power back to the grid.
The general manager of Co-op City says Riverbay Board is in the early stages of talking to several energy companies to get the plan underway.