Boralex purchases 36 MW wood-residue based power facility in Maine

MONTREAL, April 11, 2001 — Boralex Inc. announces that it has signed an agreement with an affiliate of FPL Energy, LLC, a subsidiary of FPL Group and a major independent power producer in the United States, for the acquisition of a gross 36 MW wood-residue based power generating station located in Fort Fairfield, in Northern Maine.

This acquisition, representing an investment of US $10 million, will position Boralex as a leading producer of energy based on wood-residue in the state of Maine, and an important player in the production of this type of energy in the United States.

In commenting on this transaction, Jacques Gauthier, the President and Chief Operating Officer of the Corporation stated: "The addition of this station will consolidate our presence in New England and will give us an added advantage in serving the energy markets in the United States. Furthermore, this transaction is a perfect fit with our development strategy, which is based on acquiring stations with low operating costs thereby improving our competitive position." This transaction is subject to regulatory approval and should be finalized by July 1st, 2001.

The Fort Fairfield station is currently operated by a contingent of 28 employees and is ideally located for wood supply. This advantage will also benefit the other Boralex units located in Maine and New York. Its location will also stimulate the sale of energy in the local and New England (NEPOOL) markets as early as the summer of 2001. Considering the high prices of electricity during the summer period, the Corporation expects to be able to reach a level of profitability in line with its financial objectives from the last quarter of the current financial year.

With four wood-residue thermal or cogeneration power stations, three of which are in the United States and one in Quebec, Boralex has, throughout the years, developed an expertise in what is now known as green energy. Additional 34 MW thermal power station, currently under construction in Senneterre, Quebec, should begin operation by the end of 2001.

Boralex Inc. is an important independent producer of power. With the addition of the Fairfield station, the Corporation will have an installed capacity of 210 MW and will employ more than 150 employees. Boralex will own and operate 14 generating stations producing energy from different sources including wood-residue or natural gas fired thermal and cogeneration facilities and hydroelectric power stations. These power stations are located in Quebec, the US and France. Boralex's stock trades on the Toronto Stock Exchange under the ticker symbol BLX.A.

FPL Energy is a leading producer of clean energy, including natural gas, wind, solar, hydroelectric, biomass, and geothermal generating facilities in the United States and abroad. FPL Group, with annual revenues of more than $7 billion, is one of the nation's largest providers of electricity-related services. FPL Group's principal subsidiary is Florida Power & Light Company, one of the nation's largest electric utilities, serving 3.9 million customer accounts in Florida. Additional information is available on the Internet at www.fplenergy.com, www.flpgroup.com and www.flp.com

Sponsored by FLSmidth

Related Articles

EPA releases coal ash rule

The U.S. Environmental Protection Agency (EPA) Administrator Gina McCarthy announced the agency will now consider coal ash on the same level as household waste as opposed to hazardous waste. Household garbage and coal ash are both listed in the solid waste category, a stretch from the hazardous waste classification.

Fuel Tech receives air pollution control contracts worth $3.6Mn

Fuel Tech Inc. has received multiple air pollution control (APC) contracts, worth approximately $3.6 million, from customers in China, Europe and the U.S.

Follow Power Engineering on Twitter

Latest News

Monticello nuclear power plant has increased NRC oversight

NRC continues oversight of Monticello nuclear power plant

The U.S. Nuclear Regulatory Commission (NRC) said it will continue increased oversight of the...
Hinkley Point C nuclear power plant lawsuit Germany

German co-op to sue over Hinkley Point C nuclear incentives

A German energy cooperative said it will sue the European Commission over incentives for a nu...
University of Iowa plans steam generating power plant

University of Iowa proposes $75 million power plant

University of Iowa officials are ready to begin planning a steam production plant on the west...
Saudi Arabia South Korea nuclear power cooperation deal memorandum of understanding

Saudi Arabia, S. Korea sign nuclear power deal

Saudi Arabia and South Korea signed a deal to build nuclear power plants in the Kingdom.

W.Va. gov signs bill letting lawmakers OK state carbon plan

Democratic Gov. Earl Ray Tomblin has signed a bill letting lawmakers approve state plans to m...
 Nuclear company Areva in turmoil after billions in losses

Nuclear company Areva in turmoil after billions in losses

Nuclear manufacturer Areva has announced a 4.8 billion euro loss for 2014, more than its enti...
 Electric utility Dominion flexes political muscles in Virginia

Electric utility Dominion flexes political muscles in Virginia

Virginia's 2015 legislative session was a good one for energy giant Dominion Resources Inc. (...
Callaway Energy Center's Replacement Reactor Vessel Closure Head Project

[Image Gallery] Callaway Energy Center Nuclear Power Upgrade Project

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Buyers Guide Categories

Power Industry Wire News

Envision Solar Announces First Sale of Solar Powered EV Chargers in the Caribbean

Envision Solar Announces First Sale of Solar Powered EV Chargers in the Caribbean

Easi-Set Precast Products Ideal Solution for Military Market

Easi-Set Precast Products Ideal Solution for Military Market

Resolute Energy Corporation Announces Results for the Quarter and Full Year Ended December 31, 2014

Resolute Energy Corporation Announces Results for the Quarter and Full Year Ended Decem...

NV5 Awarded Professional Services Agreement With Xcel Energy

NV5 Awarded Professional Services Agreement With Xcel Energy

Petro River Acquires Clean Air Technology, Coalthane Tech LLC

Petro River Acquires Clean Air Technology, Coalthane Tech LLC

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>