Green Island Energy Ltd. announced today that it is partnering with Covanta HoldingCorporation (NYSE: CVA) to continue the development of the Gold River PowerProject, located in the Village of Gold River, British Columbia.
Situated on the former site of a pulp and paper mill, Green Island Energy said the project will create green jobs and help revitalize the local economy while providing clean,renewable energy to residents of British Columbia via a long term EnergyPurchase Agreement with BC Hydro.
BC Hydro is the largest electric utilityin British Columbia and a provincial Crown corporation. When completed, theproject will generate approximately 90 megawatts (MW) of electricity to BC Hydro.
David O.Kingston, chairman and CEO of Green Island Energy, said, "Using refuse derived fuel to generate electricity makes sense. This willhelp make us more economically self-sufficient and allow us to generate ourown energy. Not only will we be able to power our own homes, it will alsohelp us reduce imports of electricity on the Island while minimizing ourdependency on landfills and the need to transfer waste across territorialborders."
Covanta Energy owns and operates 52 renewable energy projects, 37 of which are energy from waste facilities.Covanta said its energy-from-waste facilities convert 15 million tons of wasteinto more than 8 million megawatt hours of clean, renewable energy enoughto provide a million homes with electricity each year.
Green Island Energy is working with Covanta to conclude the developmentprocess for the project. Over the coming months, Green Island Energyexpects to finalize the design of the project and negotiate with variousmunicipalities for supply of municipal solid waste.
About Green Island Energy Ltd
Green Island Energy Ltd. is based inVancouver, BC. Its mission is to facilitate the development of clean,sustainable and economically viable energy projects. Initially, it hasidentified energy-from-waste power generation as its primary focus andconcentrating in areas that are net importers of energy and users oflandfills as its primary outlet for its municipal waste.
About Covanta
Covanta’s energy-from-waste facilities convert municipal solid waste into renewable energy for numerous communities, predominantly in the United States. As a world premier operator of large-scale energy-from-waste facilities, Covanta offers an environmentally sound solution to communities’ solid waste disposal needs. With 37 energy- from-waste facilities worldwide, Covanta uses municipal solid waste as a fuel to generate clean, renewable energy. For more information, visit http://www.covantaholding.com.
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