16:29 | 19.10.2009
Laidlaw Energy Announces New Combined Biomass and Solar Power Project
Laidlaw Biopower, LLC (“Laidlaw”), an affiliate of Laidlaw Energy Group,
Inc. (Ticker “LLEG”), announced today that it has executed a Memorandum
of Understanding with an affiliate of a Massachusetts based private
equity firm to initially lease and subsequently acquire an operating oil
and gas fired power plant in Southeastern Massachusetts. The plant is
situated in an industrial park and currently serves the thermal energy
needs of a leading developer and manufacturer of photovoltaic products
and technology. Laidlaw plans to convert the plant to biomass power to
serve the electric and thermal needs of the photovoltaic company, with
the balance of the plant’s electricity to be exported to the grid and
sold to a local utility pursuant to a long-term contract.
Laidlaw has concurrently executed a letter of intent with the
photovoltaic company which specifies the business terms of a
contemplated 20 year power purchase agreement that the parties intend to
negotiate. Laidlaw intends to make additional details available on the
project upon execution of the power purchase and lease agreements.
Laidlaw expects to execute a lease and assume control of the power plant
within the next 120 days. The lease will allow Laidlaw to acquire the
plant upon receipt of the necessary permits and approvals to operate it
as a biomass plant. Upon execution of the contemplated lease, the power
plant will continue to be operated for Laidlaw for Veolia Energy (http://www.veoliaenergyna.com/en/)
pursuant to an existing O&M Agreement.
An additional and unique element of the project is Laidlaw’s intent to
combine solar power with its intended biomass project. Laidlaw intends
to install solar panels representing approximately 1.5 megawatts of
capacity on the roofs of two of the buildings at the manufacturing
facility. The power generated by the solar panels is planned to be used
on site, with any excess sold to the grid.
Commenting on the project, Laidlaw President & CEO Michael B. Bartoszek
stated, “This project is a win-win. Not only does it offer significant
environmental benefits by converting a fossil fuel plant to a renewable
fuel, it also helps support a leading cleantech company make innovative
products to further support the shift to alternative energy.”
The project is expected to developed as part of the joint venture
established between Laidlaw and Homeland Renewable Energy (www.homelandrenewableenergy.com),
known as Homeland Laidlaw Energy, LLC. (“HLE”), subject to approval of
HLE’s Board of Directors.
About Laidlaw Energy Group
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.
For more information, please visit our website at www.LaidlawEnergy.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 Laidlaw cannot provide assurance that such statements
will prove to be correct. Laidlaw undertakes no obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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