Green Island Energy partners with Covanta
Financial terms of the deal were not revealed.
The Gold river project is on the site of a former pulp and paper mill and would produce about 90 megawatts of electricity from waste for the BC Hydro electrical grid.
"This project would be a boost to Gold River's economy while helping us meet the surging demand for clean, renewable energy," said David Kingston, chairman and chief executive of Green Island Energy.
"Using refuse derived fuel to generate electricity makes sense. This will help make us more economically self-sufficient and allow us to generate our own energy. Not only will we be able to power our own homes, it will also help us reduce imports of electricity on the Island while minimizing our dependency on landfills and the need to transfer waste across territorial borders."
Covanta Energy, based in Fairfield, N.J., owns and operates 52 renewable energy projects around the world, 37 of which are energy-from-waste operations.
Green Island Energy said it will work with Covanta to design the power plant and negotiate deals with B.C. municipalities, including Vancouver, for a supply of municipal solid waste as fuel to produce power from the plant.
Covanta has been rapidly growing its business, mainly from acquisitions, construction revenues from the expansion of a power plant in Hillsborough County in Tampa, Fla., rising waste disposal prices and rising power sales in India.
In the 2007 fourth quarter, the company's operating revenues rose 24 per cent to US$395 million from $318 million. Net profits soared to US$72 million for the quarter, up from $12 million in the year-ago period.
Related News
$1 billion per year is being spent to support climate change denial
PARIS - Orson Johnson says there is no scientific consensus on climate change. He’s wrong. A 2015 study by Drexel University’s Robert Brulle found that nearly $1 billion per year is being spent to support climate change denial. Electric utilities, fossil fuel and transportation sectors outspent environmental and renewable energy sectors by more than 10-to-1. It is virtually the same strategy that tobacco companies used to deny the dangers of tobacco smoke, spending hundreds of millions of dollars to delay recognition of harm from tobacco smoke for decades. These are the same debunked sources Johnson quotes in his commentary.
The authors…
