Sep. 10—WATERTOWN — Convalt Energy company officials are getting some more time to arrange for financing its planned massive solar manufacturing plant near the Watertown International Airport.

The Jefferson County Industrial Development Agency has scheduled a special meeting on Tuesday afternoon to discuss extending its contract with the company to purchase 88 acres on Route 12F in Hounsfield for the plant.

It's the third time that Convalt would receive an extension for the Land Development Agreement for the property since the company first proposed the 320,000-square-foot plant more than two years ago.

David J. Zembiec, the CEO of Jefferson County Economic Development, the JCIDA's sister organization, said Convalt "is getting close" in obtaining the financing for the project, adding that the company "is looking at some term sheets" that would provide the best loan.

On Tuesday, JCIDA board members will consider a new extension on the land agreement that expires at the end of the year. The current six-month extension ends at the end of the month.

Board member Paul Warneck still has faith in the company.

"At this point, I have no significant concerns on the project," he said, adding that projects of this size takes time. "It's a process."

Company president Hari Achuthan was in Spain and unavailable for comment.

Zembiec said Friday that he was planning to talk to Achuthan about "where things stand" later that day.

Convalt recently learned that the company was receiving between $15 million and $20 million in funding through the state's Commercial Property Assessed Clean Energy program — known as C-PACE — through New York State Energy Research and Development Authority.

Last month, Achuthan met with the JCIDA board through a Zoom meeting to discuss the status of the project and its financing.

He was working on negotiating the terms of customer contracts before finalizing the financing for the project, he told the JCIDA board.

Convalt is working with the JCIDA on the project.

The company would purchase the property near the airport and receive a Tax Exempt Bond Financing package once the financing is in place.

The delay has been hinged on the Internal Revenue Service releasing tax credit guidelines from the Inflation Reduction Act for investors. The company would use the tax credits as incentives for investors.

Once all of that gets sorted out, construction would take between seven and nine months to the get the plant "in full production mode," Achuthan said last month.