LLEG - Berlin, NH Planning Board Approves Subdivision of Former Mill Site Paving Way for Laidlaw Biomass Energy Plant
Laidlaw Berlin, LLC, an affiliate of Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”), announced today that last evening the city of Berlin, NH Planning Board unanimously approved the subdivision of the former Fraser Paper pulp mill site, significantly boosting the prospects for Laidlaw’s proposed 65 megawatt biomass energy facility which Laidlaw intends to build at the site. The approval, which was a major condition of the closing of the acquisition of the site by Laidlaw from the seller, North American Dismantling Corp (“NADC”), paves the way for Laidlaw and NADC to imminently execute the definitive purchase agreement for the site and the assets and move forward with the transaction.
Commenting on the approval, Laidlaw President & CEO Michael B. Bartoszek stated, “We are pleased with the unanimous decision from the Berlin Planning Board as well as the significant support from the numerous residents and other interested parties that attended the meeting to support the project. We look forward to expeditiously moving forward with this transaction and the project.”
About the Berlin, NH Biomass-Energy Project
The Berlin project involves the conversion of the former Fraser Paper pulp mill site into a highly advanced biomass-to-energy project that is expected to export approximately 60 megawatts of renewable energy to the New England power grid and utilize about 750,000 tons of clean wood biomass chips per annum. The project involves a capital investment of approximately $65 million by Laidlaw and its partners and lenders and is expected to employ 40 directly and create over 500 indirect jobs. Once completed, the plant is expected to be among the largest and most environmentally advanced biomass-energy plants in North America.
About Laidlaw Energy Group
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 website at www.NYENRG.com.
E&E Communications
Paul Knopick, 949-707-5365
pknopick@eandecommunications.com
Source: Business Wire (January 11, 2008 - 10:06 AM EST)
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