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GreenHunter Renewable Power acquires plant

By Anna Austin
Web exclusive posted Sept. 3, 2008 at 4:35 p.m. CST

Texas-based GreenHunter Renewable Power LLC, a wholly-owned subsidiary of GreenHunter Energy Inc., announced Sept. 3 it has acquired a 14 megawatt biomass power plant in Telogia, Fla. Previously owned by CQ BioPower Producers, a subsidiary of Pa.-based private power plant operator CQ Inc., the plant will be fired by wood waste acquired from a variety of local sources.

GreenHunter purchased the facility, including 125 acres, for approximately $2.5 million. The company plans to spend $2.5 million in repairs and renovations on the plant, which was built in 1986 by Connecticut-based General Electric Co.

The company is currently negotiating with several regional co-ops and utilities for long-term power purchase agreements and has recently negotiated with a third party to provide up to 40 percent of the power plant's wood waste feedstock.

GreenHunter Renewable Power President Stephen A. Wiley said the company is excited to acquire an existing asset in the Florida power market, which has been a historically difficult region to penetrate with the renewable space. "We believe that in the long-term, the Florida power market will seek highly dependable renewable power sources such as our Telogia power plant as the demand for renewable power in the state continues to further expand." Wiley added that due to rising fuel prices one of the major utilities in Florida has purposed an increase in the pass-through fuel charge, which would raise residential electric bills by approximately 16 percent.

GreenHunter plans to have the plant operational by the first quarter of 2009.

Currently, the company also owns Mesquite Lake Resource Recovery Plant, an 18.5 megawatt waste-to-energy facility in El Centro, Calif. The facility, which is still in refurbishing stages, is expected to begin operations on or before June 30, 2009.

Biodiesel Magazine reported in August that GreenHunter Energy's subsidiary, Grapevine, Texas-based GreenHunter Biofuels LLC, had achieved 50 percent of its 105 MMgy nameplate capacity. To read the story, visit: http://www.biodieselmagazine.com/article.jsp?article_id=2702.
 

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