3 Dec 2008 11:56
3 December 2008
Leaf completes a $28 million investment in
Johnstown Regional Energy, LLC
Leaf Clean Energy Company ("Leaf") [LSE: LEAF.L], an AIM listed company incorporated for the purpose of investing in clean energy companies and projects in North America, is pleased to announce the completion of a $28 million investment in Johnstown Regional Energy, LLC ("JRE").
JRE owns and operates three landfill gas-to-methane projects that were placed in operation in 2006 and 2007at Waste Management landfills located in Pennsylvania. At these sites, JRE extracts raw landfill gas which is subsequently cleaned in advanced technology processing plants and sold via connecting pipelines to a leading natural gas utility. The high quality "green" gas ultimately displaces the use of fossil fuel based natural gas.
Leaf's investment capital will be used to acquire all of the membership interests in JRE, purchase outstanding project debt and finance the upgrade and expansion of JRE's landfill gas collection systems. The JRE projects were originally developed through the cooperation of Waste Management, Johnstown, Pennsylvania area entrepreneurs and development agencies. Some of the produced gas is utilized by local industry to keep their gas costs low in order to stay competitive in a global market, contributing to the economic development of the area.
Nora Mead Brownell, Director of Leaf, former Commissioner of the Federal Energy Regulatory Commission and former PA PUC Commissioner, said:
"Pennsylvania has taken a leadership position in promoting renewable energy development, and the economic benefits it brings to the local community, through both its favourable regulatory environment and supportive economic development programs. This investment in JRE emphasizes Leaf's commitment to increasing renewable energy's contribution to the nation's domestic energy resources."
Ronald W. Repak, Executive Director, Johnstown Redevelopment Authority said: "With the introduction of Leaf Clean Energy Company, JRE will now have adequate capital resources to expand the existing recoverable "green" methane gas system, further supporting our local industrial base. The Redevelopment Authority welcomes such a powerful player in the renewable energy market to Johnstown."
Simon Shaw, Director of Energy & Climate Advisors, said:
"The acquisition of these cash-flow positive landfill gas assets is a great complement to Leaf's existing portfolio of renewable energy investments. JRE provides Leaf with a platform for further growth in the landfill gas industry and combats global warming by displacing carbon intensive fossil fuels. "
Harry Crouse, Chairman of Keystone Renewable Energy, said:
"Keystone Renewable Energy, with the support of Waste Management, local business partners, and governmental organizations, has spent the last few years dedicated to the development of JRE. We feel that Leaf has the right team and the resources to ensure the ongoing success of JRE, and we look forward to continuing to work with Leaf."
Dan Shapiro, Director of Energy & Climate Advisors said:
"Leaf is pleased to continue to support the local community through these projects and looks forward to developing long-term relationships that may lead to additional opportunities for cooperation."
- Ends -
For further information please contact:
Simon Shaw
Director, Energy & Climate Advisors +44 (0) 20 7553 2361
Daniel Shapiro
Director, Energy & Climate Advisors +1 225 987 7408
Ivonne Cantu / Oliver Goad
Cenkos Securities plc +44 (0) 20 7397 8900
Martin Stott / Ian Beestin +44 (0)7947 915028
Bulletin PR
Notes to Editors:
About Leaf Clean Energy Company
Leaf Clean Energy Company ("Leaf") [LSE: LEAF.L], is a publicly traded clean energy investment company on AIM. Leaf was incorporated for the purpose of acquiring interests in, owning, operating and managing clean energy companies and projects primarily in North America. The sector spans multiple industries, including wind energy, solar energy, energy efficiency, pollution control, emission credit aggregation, waste-to-energy, wave energy, biomass power and biofuels. The company's main investment objective is to achieve long-term capital appreciation through its acquired interests in the clean energy sector, as well as through the potential generation and commercialization of carbon credits derived from these projects. Leaf is advised by Energy & Climate Advisors, a joint venture between EEA Group and Shaw Capital.
www.leafcleanenergy.com
www.eeafm.com
www.shawgrp.com/markets/shawcapital