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Laidlaw Energy to Build 50 Megawatt Biomass-Energy Plant in Berlin, NH Monday April 2, 11:10 am ET Plant to be Among the Largest and Most Environmentally Friendly in the U.S.
NEW YORK--(BUSINESS WIRE)--Laidlaw Energy Group, Inc. (Ticker Symbol "LLEG") announced today that its affiliate, Laidlaw EcoPower, LLC, has agreed to acquire certain property and assets of the Fraser Paper Mill, located in Berlin, New Hampshire. Laidlaw plans to convert the facility to operate as a 50 megawatt biomass-energy power plant. The mill, which closed in May 2006, has significant infrastructure in place that is suitable for biomass energy, including a large Babcock & Wilcox boiler that was installed in 1993 at a cost of nearly $100 million.
The Berlin facility is located in the heavily forested Northern, New Hampshire area, which makes it ideally positioned to take advantage of the area's abundant biomass resources. Prior to its closure, the mill processed approximately 1 million tons of biomass per year. The newly reconfigured plant will use over 500,000 tons of biomass per year, creating and sustaining approximately 500 local jobs for truckers and forest products workers who will supply wood chips, as well as local businesses that will provide goods and services. 40 direct jobs will be created at the biomass-energy plant.
North American Dismantling, Inc., the current owner of the facility, has agreed to retain an equity position in the Berlin Project. In addition, Laidlaw and NAD intend to work together to develop the balance of the approximately 130 acre site for manufacturing. The parties are currently in discussions with several parties that could potentially be ideally suited to occupy the balance of the site and have a synergistic relationship to the power plant. A combined heat and power application could ultimately be the result, whereby the plant would supply electricity and excess thermal energy to a manufacturing entity for process heating purposes, in addition to exporting its green power to the electric grid. A biofuel application that would have a synergistic relationship through the common use of biomass fuel is also being actively considered.
Emissions from the biomass-energy facility will be maintained at an unprecedented low level through the use of highly advanced, second generation emissions controls that are expected to enable the plant to qualify for the renewable energy programs of various states in the Northeast and allow for the sale of Renewable Energy Credits (RECs).
The Berlin Project is a joint effort between Laidlaw Energy Group, Inc. and EcoPower, LLC, a local business whose principals have extensive experience in the development and operations of biomass-energy facilities. Basic Energy, with whom Laidlaw has an existing development relationship in connection with its New York biomass-energy project has agreed to partner with Laidlaw in this project and provide the requisite financing. Basic's principal owner is a highly experienced international power developer with a portfolio of over 1,200 megawatts of generation and is also owner a large electric utility in the Caribbean.
The acquisition is subject to documentation and the completion of Laidlaw's due diligence. It is expected to close within the next several months.
The reconfigured Berlin biomass-energy facility is expected to commence operations in late 2008.
About Laidlaw Energy Group - Cleaner Energy For a Greener Future
Laidlaw Energy Group (LLEG) is engaged in the development of independent power plants that generate electricity from renewable resources. LLEG's mission is to build and manage a profitable portfolio of renewable energy facilities through the development of new facilities and acquisition of existing facilities. LLEG is headquartered in New York, New York. For more information on LLEG, please visit our websites at www.NYENRG.com and www.greenenergyfacts.com.
This communication contains statements expressing expectations of future events and/or results which may include, without limitation, statements concerning anticipated financial performance, business prospects, technological developments, potential markets, new products, research and development activities and similar matters. Such statements constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. All statements based on future expectations rather than historical facts are forward-looking statements that involve a number of risks and uncertainties, and LLEG cannot provide assurance that such statements will prove to be correct. LLEG undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact: Laidlaw Energy Group, Inc. Michael B. Bartoszek, 212-480-9884 info*LaidlawEnergy.com
-------------------------------------------------------------------------------- Source: Laidlaw Energy Group, Inc.
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