Tuesday, September 30, 2008

Berlin, N.H., biopower plant finds a power purchaser

By Mass High Tech Staff

Laidlaw Energy Group Inc., through its affiliate Laidlaw Berlin BioPower LLC, has reached an agreement with Public Service Co. of New Hampshire (PSNH) on terms for a 20-year power purchase agreement for Laidlaw’s Biomass Energy Project in Berlin, N.H.

The agreement is for the sale of 100 percent of the Berlin project’s electric output, capacity and renewable energy certificates to PSNH over the 20-year term.  The Berlin project is expected to have a gross capacity of 66 megawatts, making it one of the largest biomass-energy plants in North America.

HH Capital Advisors LLC is the lead financer of the $100 million project on track to go operational in 2010. The plant will be set on the 62-acre, former Fraser Paper Mill and employ 40 workers.

Laidlaw president and CEO Michael Bartoszek said that “having a guaranteed source of revenue over the term of this agreement from a highly credit-worthy customer like PSNH adds tremendous value.”