Date: October 23, 2007
FORTISTAR acquires Algonquin's US Landfill Gas to Energy Projects and expands its leadership in green/renewable energy.
FORTISTAR has agreed to acquire Algonquin Power Income Fund's six landfill gas to energy projects located in California and New Hampshire. These projects represent over 18 megawatts of power generation capacity and are part of FORTISTAR's continuing long-term commitment to expand its methane and renewable energy sector. The acquisition is scheduled to close in about thirty days.
Jon Maurer, FORTISTAR Managing Director, said "By the end of 2007, FORTISTAR's ongoing growth program will have increased our landfill gas to energy capacity by 25%." Mark Comora, President of FORTISTAR, added that "this growth is attributable to a three-fold strategy-- first, a carefully managed program of project expansions, acquisitions and development; second, applying our managerial techniques to yield greater energy efficiencies over an ever increasing portfolio of smaller energy projects; and lastly, accomplishing this while aligning each facility with its community and its unique expectations and needs."
The White Plains, New York based FORTISTAR through its FORTISTAR Methane Group owns or will own fifty landfill gas to energy projects, representing approximately 12% of the developed market. This portfolio is a combination of GRS, Minnesota Methane, United Gasco, and the soon to be acquired Algonquin Power Income Fund projects and is the largest independently owned landfill gas to energy portfolio in the country.
For more information, contact:
One North Lexington Avenue
White Plains, NY 10601
Tel. (914) 421-4900
Fax. (914) 421-0052