30 Jul 2008 07:30
Leaf completes a $21.5 million investment in
Multitrade Rabun Gap, 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 $21.5 million of project financing in Multitrade Rabun Gap, LLC ("MRG").
MRG is a special purpose entity formed to construct and operate a 20MW capacity wood-fueled biomass facility in Rabun Gap, Georgia. The facility has a significant amount of existing equipment on site, including the boiler, which was previously used to supply steam and electricity to a textile manufacturing operation. MRG will use native renewable fuel from the local forest industry and anticipates selling power to a Georgia co-op under a long term power purchase agreement.
Peter Tom, Chairman of Leaf, said;
"We are excited by the prospect of working with Multitrade given their extensive experience in developing successful biomass power projects with strong revenues, and we are impressed with MRG's ability to utilize innovative solutions to provide reliable renewable power to the residents of Georgia."
Simon Shaw, Chairman of Energy & Climate Advisors, said:
"Wood is the oldest form of fuel known to man, and using wood in a sustainable manner for energy generation is an excellent way to power society while commensurately reducing emissions of greenhouse gases. This financing arrangement represents a commitment to the green power sector by Leaf Clean Energy Company and is consistent with Leaf's objective to partner with proven management teams that possess strong track records for developing and operating renewable energy projects."
Ed Brammer, President of Multitrade Biomass Holdings, said:
"Multitrade appreciates the participation of Leaf in funding the renewable energy project located at Rabun Gap Georgia. We found the Leaf team to be very knowledgeable, professional and practical - a combination that expedited the process of getting the deal done. Multitrade is committed to develop renewable energy projects that will meet our nation's energy needs while reducing our reliance on fossil fuels. Multitrade looks forward to working with Leaf on similar projects in the future."
Following this investment, Leaf will have invested a total of US$ 76.5m since launch.
- Ends -
For further information please contact:
Simon Shaw
Director, Energy & Climate Advisors +44 (0) 20 7553 2361
Kevin McNulty
Director, Energy & Climate Advisors +1 281 368 4452
Ricardo Nogueira
Director, Energy & Climate Advisors +1 202 289 8833
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 $400 million clean energy investment company. 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
About Multitrade Biomass Holding
Multitrade Biomass Holdings LLC was formed in December 2006 to develop renewable wood-waste fired power plants in the Southern and Mid-Atlantic states. The company has a pipeline of development projects for supplying electricity, thermal energy and renewable fuel to utilities and industrials. The President of Multitrade, Ed Brammer, was also the founder and CEO of a predecessor company, Multitrade Group, Inc. that developed wood fueled power plants, including an 80 WM plant located in Central Virginia. Multitrade is headquartered in Henry County, Virginia.