Laidlaw and Homeland Announce Biomass Project
Laidlaw Biopower, LLC, an affiliate of Laidlaw Energy Group, Inc. and Homeland Renewable Energy LLC have entered into a joint venture to develop biomass-energy plants throughout the Northeastern United States.
The joint venture company, known as Homeland Laidlaw Energy, LLC, (HLE) provides the joint venture partners with a strong market position in the U.S. renewable energy marketplace with an initial portfolio of four biomass-energy plants under development in the Northeast and plans for significant expansion.
Homeland has agreed to make an equity investment in the joint venture that will provide capital for development as well as proceeds to Laidlaw in consideration for the contribution of several of Laidlaw's development projects to the portfolio.
Laidlaw President and Chief Executive Officer Michael B. Bartoszek stated, "The formation of HLE brings together tremendous synergies between Laidlaw and Homeland. Laidlaw's strength lies is originating, developing and financing exceptional biomass project opportunities and Homeland's strength lies in engineering, building and operating such projects. This joint venture gives the parties everything they need to take a project from conceptual stage to operations within one organization."
Homeland Chair Jack Clarke will serve as Chair of the Board of HLE and Homeland President Rupert Fraser and Chief Operating Officer Carl Strickler will serve on the board of HLE and as corporate officers. Bartoszek will serve as president and chief executive officer of HLE and Laidlaw Vice Presidents Louis Bravakis and Raymond Kusche will hold similar positions with HLE and serve on the board.
The company will be headquartered in New York and maintain offices or personnel in Pennsylvania, New Hampshire, Vermont, Maine and London, UK.
Fraser noted that "The HLE joint venture complements Homeland's poultry litter power project business extremely well."