Wednesday, July 13, 2011
Montreal, Canada, July 13, 2011 – Biothermica today announced the completion of the financial restructuring of the Gazmont Limited Partnership, according to which Biothermica has acquired all interests held by SNC-Lavalin and the Caisse de dépôt et placement du Québec. This restructuring marks an important milestone in the development of the Gazmont cogeneration power plant, located at the heart of the Saint-Michel environmental complex, in Montreal.
Under Biothermica’s sole ownership, a new development plan is envisioned, focused on extending the district heating project which currently supplies hot water to the adjacent Cité des arts du cirque (TOHU) building. The valorization of the power plant’s significant thermal energy potential will enable the gradual extension of the district heating network to the institutional, commercial and industrial buildings located nearby.
« This innovative and green project mirrors similar district heating networks developed in cities such as Copenhagen, Toronto or Vancouver», explained Guy Drouin, President of Biothermica. « Taking advantage of the emerging carbon market in Quebec, our project will supply green energy to the surrounding community and will reduce greenhouse gas emissions thanks to the displacement of fossil fuels ».
In the medium to long term, the district heating project should reduce greenhouse gas emissions by some 80,000 tons of CO2 equivalent per year (tCO2e/y), the same as removing approximately 15,000 cars from the road.
Commissioned in 1996, the 25 MW capacity Gazmont power plant destroys the landfill gas emitted by the city of Montreal’s closed landfill, one of the largest sanitary landfill sites in North America. Thanks to the combustion of this potent greenhouse gas in its boiler, the power plant has reduced greenhouse gas emissions by some 10 million tCO2e since its inception. The Gazmont power plant constitutes a technological show-case of Quebec’s know-how in the fields of clean technology and the reduction of greenhouse gas emissions.
About Biothermica
Founded in 1987, Biothermica is a leader in the development, financing, building and operation of projects which capture and destroy methane emitted by landfill sites and underground coal mines. As a fully integrated project developer, the company also monetizes the energy and carbon offset credits generated by its projects on the national and international markets. Biothermica has completed energy and carbon projects in North and Central America. For more information about Biothermica, please visit the company web site at www.biothermica.com
Disclaimer
Disclaimer
When reviewing this information consider that it was reported as of the date listed, reflected management views as of that date, should be considered in the context of the circumstances prevailing at that time and is only correct as of that date. The information can contain forward looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
