Galloo Island Wind Farm developer Upstate NY Power Corp. filed a termination of its memorandum of option to purchase Galloo Island from Galloo Island Corp. on Wednesday morning.
The termination has no bearing on whether the project is viable, Upstate NY Power representative Robert W. Burgdorf said in an email Monday. He said the paperwork was filed as some of the terms of the agreement are changing. It will be replaced by a new memorandum reflecting the new terms.
The original memorandum of option was signed in October 2007 by Galloo Island Corp. and Watertown Development of New York LLC, which assigned its portion to Upstate NY Power Corp. in December 2007.
Mr. Burgdorf said the company is focused on finding guaranteed money to make an underwater transmission line a reality.