Fortress Paper Signs Electricity Supply Deal With Hydro Quebec
Oct. 1, 2012 - Fortress Paper today said that it has signed, through its wholly-owned subsidiary, Fortress Global Cellulose Ltd. ("Fortress Global"), an electricity supply agreement with Hydro Quebec for the sale of green electricity to be produced at the Fortress Global Cellulose Mill''s cogeneration facility upon its re-start. The facility is located in Lebel-sur-Quevillon, Quebec, Canada.
The agreement was entered into in connection with Hydro-Quebec Distribution's Power Purchase Program for electricity derived from forest biomass, which was launched on December 20, 2011.
Under the terms of the deal, Fortress Global will provide up to 34 megawatts of green power to Hydro Quebec commencing no later than June 1, 2014, at a price of $106 per megawatt hour, indexed to the consumer price index over a 25 year term.
"The signing of the electricity supply agreement represents a key component in achieving our business plan at the Fortress Global Cellulose Mill, which includes the restart of the cogeneration facility to produce green electricity that in turn will reduce production costs," said Chadwick Wasilenkoff, CEO of Fortress Paper.
"Generating green energy exemplifies our commitment to sustainable development and we believe that the results of this partnership with Hydro Quebec will be beneficial to the environment and the community, as well as to Fortress Paper," Wasilenkoff added
SOURCE: Fortress Paper