BioPower Firm to Buy Fraser's Berlin, NH Mill Site
May 13, 2008 - Laidlaw Energy Group, Inc., through its affiliate, Laidlaw Berlin BioPower, LLC (Laidlaw), announced that it has entered into a definitive agreement with North American Dismantling Corp. (NADC) to acquire the assets comprising the former Fraser Papers pulp mill located in Berlin, NH. In connection with the execution of the Agreement, Laidlaw has provided a significant “hard money” deposit to NADC in anticipation of the closing of the acquisition.
“We are very pleased to have reached this agreement with Laidlaw," said NADC President, Rick Marcicki. "Having worked with the principals of Laidlaw on this transaction for more than a year, I feel confident that they are the right company to execute this innovative plan for the conversion of the former Fraser pulp mill to a highly advanced biomass energy plant.”
While the deal provides for up to 90 days for the closing of the acquisition, the parties anticipate that the closing will occur much sooner. Previously, Laidlaw announced that it entered into an agreement with HH Capital Advisors, LLC for all of the requisite financing for the acquisition and development of the largest and most environmentally advanced biomass energy facility in the U.S. at the Berlin site.
Laidlaw Berlin BioPower president and CEO Michael Bartoszek said, “We have spent considerable time negotiating this acquisition and we are very pleased with the outcome. Berlin has all of the elements of a highly successful project. We look forward to closing the acquisition as soon as possible and moving forward with the further development and construction of 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 over 700,000 tons of clean wood biomass chips per annum. The project involves a capital investment of approximately $100 million and is expected to employ 40 directly and create over 500 indirect jobs. Once completed, the plant is expected to be the largest and among the most environmentally advanced biomass-energy plants in North America.
SOURCE: Laidlaw Energy Group, Inc.