Significant, committed development capital to be deployed
BOSTON, MA, – Three energy investment and development companies—BayCorp Holdings, Ltd. (“BayCorp”), Energy Management, Inc. (“EMI”) and Tyr Energy, Inc. (“Tyr”)—today announced that they have jointly formed and capitalized American Renewables, LLC (“American Renewables”) to develop, build and operate biomass-fueled power generation facilities. Baycorp and EMI have contributed to American Renewables their interests in three biomass projects under development: Nacogdoches Power (“NacPower”) and two projects in the Southeastern U.S. Tyr Energy has provided development capital to the entity.
NacPower is a 100 MW wood-fired biomass electric generating project in East Texas. NacPower has secured a 20-year power purchase agreement (“PPA”) with Austin Energy, the AA- rated (Fitch) municipal utility owned by and serving the City of Austin, Texas. NacPower has secured all necessary permits and owns the project site. Construction on the project is expected to begin in the spring of 2009 and it is anticipated to be commercially operable in the spring of 2012. When completed the project will be the largest biomass fueled electric generating facility in the U.S.
Jim Gordon, President of EMI, stated “The American Renewables team brings all the skills and experience needed to successfully develop, construct and operate sizeable clean energy power generation facilities. We are pleased to be developing clean energy projects that will provide new jobs and increased energy independence.”
Frank Getman, President and CEO of BayCorp, added “Tyr Energy’s involvement validates the model that we have been pursuing, and provides additional financial & operational strength to accomplish American Renewable’s mission.”
Karl Usami, President and CEO of Tyr Energy, concluded “We are excited about the significant growth opportunities in biomass power generation, and are honored to partner with two experienced and highly capable project developers.”
About BayCorp Holdings, Ltd.
BayCorp is an unregulated holding company incorporated in Delaware in 1996 and in 2005 became part of the Tavistock Group of companies. The Tavistock Group is a global, private investment company that was founded 30 years ago by investor Joe Lewis and includes a broad portfolio of interests in over 170 companies in 15 countries.
BayCorp is a merchant energy company that owns power assets as well as natural gas and oil production and development assets. Baycorp previously held a joint ownership interest in the Seabrook Nuclear Power Project in Seabrook, New Hampshire. Today, BayCorp owns and operates a hydroelectric generation facility and is developing additional generation in Vermont; through its Great Bay Power Marketing, Inc. subsidiary supplies wholesale power in the New England power market; and through its subsidiary BayCorp Resources owns and operates interests in oil and natural gas development and production projects located throughout Texas. BayCorp is also the majority owner of HoustonStreet, a web-based platform for the trading of crude oil and refined petroleum products.
About Energy Management, Inc.
EMI is a privately held energy company with more than 30 years of experience in energy conservation and energy development. In 1986, EMI developed, financed and constructed Alexandria Power Associates, a 15 MW wood-fired power production facility in Alexandria, New Hampshire. Following Alexandria, EMI developed six natural gas-fired electric generation projects totaling more than 860 MW of capacity and including the first true independent and merchant power projects in New England. EMI is also currently developing the Cape Wind Project, a 468 MW offshore wind project to be located in Nantucket Sound off the southern coast of Cape Cod, Massachusetts.