Laidlaw Energy Group, Inc. (LLEG.PK), through its affiliate, Laidlaw Berlin BioPower, LLC, announced today that it has completed the acquisition of the former Fraser Paper pulp mill site where it has been engaged for the last two years in the development of a 66-megawatt biomass-to-energy project, along with the requisite financing for the development of the project.
The Berlin Project involves the conversion of the boiler and related equipment situated at the former Fraser Paper pulp mill site into a biomass-to-energy project. Power from the Berlin Project is expected to be sold to the Public Service Company of New Hampshire (PSNH) pursuant to a long-term agreement. Laidlaw announced in September that is has reached agreement with PSNH on the material terms of a 20-year power purchase agreement.
“Now that the acquisition and financing have closed, the next step will be to apply for our permits with the New Hampshire Environmental Facilities Site Evaluation Committee,” stated Lou Bravakis, Laidlaw’s Vice President of Planning and Development.
The permitting process is expected to take nearly a year. The projected commencement of commercial operations is currently slated for late 2010.
The Berlin Project is expected to utilize approximately 700,000 tons of clean wood biomass chips per annum and is expected to directly employ 40 skilled workers and create or support over 500 indirect biomass jobs associated with wood chip supply and transportation. Requiring a capital investment of over $100 million, the plant is expected to be among the largest biomass-energy plants in North America.
Laidlaw Energy is engaged in the development of independent power plants that generate electricity from renewable resources, with a particular emphasis on biomass power. Laidlaw Energy’s mission is to build and manage a profitable portfolio of biomass facilities through the development of new facilities and acquisition of existing facilities, and in so doing become the leading supplier of biomass power in the United States. Laidlaw Energy is headquartered in New York, New York.
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