Date: April 6, 2011
Source: Laidlaw Energy Group, Inc.
Laidlaw Energy Group (New York, NY) has acquired control of a power plant located at a former Polaroid manufacturing facility in New Bedford, MA. The company plans to modernize the plant, which currently provides heat to local tenants, to increase its thermal efficiency and add the capability to generate electricity. It ultimately hopes to create a green energy park that will meet the energy needs of additional businesses and consequently generate several million dollars of additional annual revenue for Laidlaw once the upgrades are complete. Laidlaw Energy is in the process of developing other similarly independent renewable energy plants across the US with an emphasis on combined heat and power biomass projects.
See also "Laidlaw Energy to Acquire 14 MW California Biomass Plant," (www.wasteinfo.com/news/wbj20110208G.htm).
PRESS RELEASE
April 6, 2011
Laidlaw Energy Acquires New Power Generation Asset
Laidlaw Energy Group, Inc. (Ticker symbol "LLEG") announced today that is has acquired control of the power plant located at the former Polaroid manufacturing facility in New Bedford, Massachusetts.
The power plant is currently operational and serves the thermal energy needs of the existing tenants located at the facility. Laidlaw's plan is to operate the plant as currently configured for the moment while taking the necessary steps to modernize the plant in order to substantially increase its thermal efficiency and to also add an electric generation component in order to create a combined heat and power project. The hope is that the upgrades to the plant will attract additional tenants to the site and ultimately create a green energy park. There are also neighboring businesses in the industrial park where the plant is situated that may be able to benefit from the excess output of Laidlaw's plant.
This new asset is expected to add several million dollars in revenue per annum to Laidlaw's income statement and once the upgrades are complete it is expected it will create substantial savings for the end-users and a good profit margin for Laidlaw.
The successful conclusion of this transaction is the first in a series of planned acquisitions that Laidlaw is pursuing across the U.S. Laidlaw is currently in the advanced stages of several other planned acquisitions located in the Northeast, Southeast and West Coast of the U.S.
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 and combined heat and power projects. Laidlaw Energy's mission is to build and manage a profitable portfolio of generation facilities through the development of new facilities and the 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 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.
For more information, contact:
Laidlaw Energy Group, Inc.
Edward D. Meyers, 212-480-9882
Vice President – Investor Relations
edm@laidlawenergy.com
Sign up to receive our free Weekly News Bulletin