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Transaction/Case Details

Green Island Energy partners with Covanta to develop the Gold River Power Project

DATE CLOSED

January 1, 2012

BUSINESS SECTOR

Power

LEAD OFFICE

Vancouver


OVERVIEW

On March 16 2014,  Green Island Energy Ltd. announced that it is partnering with Covanta Holding Corporation 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 biomass power generation 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. When completed, the project will generate approximately 90 MW of electricity to BC Hydro.


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. 

McCarthy Tétrault LLP advised Covanta with a team led by Robin Sirett.

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