U.S. Renewables Group Announces Completion of Acquisition of Niagara Generation, LLC
The converted facility will sell electricity and renewable energy credits to customers in New York State.
Santa Monica, CA (PRWEB) February 14, 2007 -- U.S. Renewables Group and its affiliates ("USRG") announced today that a subsidiary acquired the 53 megawatt Niagara Generating Facility ("Niagara") on January 31, 2007. Niagara is an operating coal and tire-derived fuel (TDF) fired power plant located in Niagara Falls, New York. USRG will invest further capital over the course of 2007 to convert Niagara to burn biomass and TDF fuel. The converted facility will sell electricity and renewable energy credits to customers in New York State.
USRG previously announced in October 2006 that it entered an agreement to acquire 100% of the membership interests of WPS Niagara Generation, LLC from WPS Empire State, Inc., a nonregulated subsidiary of WPS Resources Corporation (NYSE: WPS), for $30.2 million. Prior to closing, the transaction was approved by the Federal Energy Regulatory Commission and the New York Public Service Commission. Following closing, the acquired company was renamed "Niagara Generation, LLC".
About U.S. Renewables Group
USRG, based in Santa Monica, CA, with offices in White Plains, NY, is a private investment company that acquires, develops and operates renewable power generation and clean fuel assets. To date, the firm has committed over $150 million covering more than 12 investments representing a range of renewable power and fuels sectors including geothermal, biomass, land fill methane, ethanol and biodiesel. For more information, visit www.usrenewablesgroup.com.
Contact:
Steven Gottlieb
Gottlieb Group Communications, LLC
206.427.9591
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