Abstract: A waterwheel assembly for a river or similar body of flowing water includes a waterwheel mounted on a support structure, and one or more buoyant members, wherein waterwheel can move up and down, and the buyout members support part of the weight of the waterwheel so that the waterwheel is able to rise and fall with any change to the river level, and the support structure is secured on land by the river or body of water by means of one or more cantilevered beams. The waterwheel has an axle secured between two vertical posts by means of salable bearings that permit the waterwheel to move up and down.