GOLD RIVER, BC, March 16 /PRNewswire/ -- Green Island Energy Ltd. (Green Island Energy) announced today that it is partnering with Covanta Holding Corporation ("Covanta") to continue the development of the Gold River Power Project, located in the Village of Gold River, British Columbia.
Situated on the former site of a pulp and paper mill, the project would create jobs and help revitalize the local economy while providing clean, renewable energy to residents of British Columbia via a long term Energy Purchase Agreement with BC Hydro. BC Hydro is the largest electric utility in British Columbia and a provincial Crown corporation. When completed, the project will generate approximately 90 MW of electricity to BC Hydro.
"This project would be a boost to Gold River's economy while helping us meet the surging demand for clean, renewable energy," said David O. Kingston, chairman and chief executive officer 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 is an internationally recognized owner and operator of 52 renewable energy projects, 37 of which are energy from waste facilities. Covanta's energy-from-waste facilities convert 15 million tons of waste into more than 8 million megawatt hours of clean, renewable energy enough to provide a million homes with electricity each year.
Green Island Energy is working with Covanta to conclude the development process for the project. Over the coming months, Green Island Energy expects to finalize the design of the project and negotiate with various municipalities for supply of municipal solid waste. One of the key issues facing the project is the availability of waste material for fuel from within the Province of British Columbia.
"From its inception, the partners behind Green Island Energy have been committed to providing a cost effective and environmentally focused solution for the growing waste management challenges for communities within the Province," Kingston said. "With this project, we can offer those communities a sustainable, long-term solution that helps the environment." Negotiations with municipal governments, including Metro Vancouver, will be important in ensuring the continued progress of the Project.
About Green Island Energy Ltd Green Island Energy Ltd. is a privately held Canadian company based in Vancouver, BC. Its mission is to facilitate the development of clean, sustainable and economically viable energy projects. Initially, it has identified energy-from-waste power generation as its primary focus and concentrating in areas that are net importers of energy and users of landfills as its primary outlet for its municipal waste. For more information, visit our site at http://www.greenislandenergy.com/ DATASOURCE: Green Island Energy Ltd.
CONTACT: John O'Connor, Tel: (708) 784-9524,
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