Riverbank pulls plug on project

LIMECREST QUARRY — After only two weeks of test drilling and initial testing of core rock samples, geologists have determined the Limecrest Quarry site is unsuitable for the $2 billion underground hydroelectric facility proposed by Riverbank Power Corporation of Canada. The news came in a statement issued Thursday morning, Aug. 13, by Riverbank saying, “As a result, Riverbank will stop development activities in Sparta.” Riverbank CEO John Douglas said, “When we announced this project in January, we stated the site could only be developed if scientific evidence proved the location is a suitable fit for our Aquabank™ technology. Even though the Limecrest Quarry was one of the top sites in our development portfolio, our scientific testing has shown that the geology under the quarry could not sustain a project of this scope. Unfortunately, our tests have revealed that the rock where our turbines and reservoirs would be created is a poor fit for our project.” News of the test results, which were projected to take as long as eight weeks to complete, came as a disappointment to Sparta Mayor Scott Seelagy and Sparta’s town council which unanimously supported the Riverbank project as a potential boon to the community, through both the $5 million annual revenue it would bring in and the numerous jobs it would provide. Seelagy said Thursday, “The news is unfortunate and we’re disappointed. But we always knew the feasibility of the project would depend on the geology. The project could have helped Sparta taxpayers considerably, but I understand Riverbank had to make a business decision.” Seelagy added that Douglas and the Riverbank staff had been wonderful to work with and he thanked them for their efforts. Neighboring communities of Andover and Byram, who have opposed the project since it was announced in January, view the news as a relief and a positive end to their months of meetings, protests, and formal intervention with the Federal Energy Regulatory Commission. Andover Mayor Bob Smith said Thursday, “I thought I was dreaming when I got the news this morning. But truly, I don’t rejoice in any loss for Sparta. I don’t feel any sense of victory, just a tremendous sense of relief. Andover has already spent tens of thousands of dollars because of this project, hiring a hydro-geologist, a FERC specialist, and an attorney, and no doubt the cost would have risen substantially if it continued to move forward.” Smith said the news was “bittersweet,” and that his main concern all along had been primarily for the well-being of his citizens. Seelagy said he still has hopes for some kind of economic development at the Limecrest Quarry site and will continue to look for commercial opportunities that fit into Sparta’s economic plan. He said additional ratables in the area could help reduce Sparta’s tax base. Douglas said, “I want to personally thank the officials in New Jersey who worked with us in Sparta. I especially want to thank Sparta Mayor Seelagy, former Mayor Brady, as well as the State and Federal elected representatives we met with throughout this process. These leaders kept an open mind about the project, understood that scientific testing would guide the development process, and believed us when we said we wouldn’t develop a project that posed a risk to the environment.” Riverbank Power has identified 15 sites in the Northeast United States and Canada as potential locations for an Aquabank™ pumped storage facility, which converts “off-peak” energy into electricity for delivery in the “on-peak” market. Riverbank said its initial tests at the company’s site in Wiscasset, Maine returned positive results and development there is continuing. Douglas said, “It has never been our intention to site an Aquabank™ in an area where the geology will not support it. However, we are still enthusiastic about creating new pumped storage and developing other sites in the Northeast.”