Emera Acquires Brooklyn Energy from Government of Nova Scotia
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Dec. 10, 2012--
EMA-TSX - Emera Inc. announced today an agreement with the
Government of Nova Scotia to acquire Brooklyn Energy, a biomass
electrical co-generation facility, located in Brooklyn, Nova Scotia.
“Brooklyn Energy and its employees are an important addition to Emera’s
energy generation portfolio because they produce electricity in
accordance with our strategy to generate clean, renewable energy for our
customers,” said Chris Huskilson, President and CEO of Emera. “The plant
will continue to generate clean energy for Nova Scotians and provide a
long-term market for local biomass suppliers.”
Brooklyn Energy is a 30 megawatt nameplate facility that produces
173,000 megawatt hours a year. The plant has a long-term power purchase
agreement (PPA) with Nova Scotia Power. As part of the $25 million
transaction, Brooklyn Energy’s 22 full and part-time employees will
continue to operate the facility.
Emera will continue to source fuel for the facility from local suppliers
providing a market for biomass over the long term. To ensure
availability of wood waste residue for use in the plant, the Province of
NS has agreed to work with Crown Forest licensees on fiber supply and to
provide a supply of wood fiber from Crown lands should it be required.
“Emera is pleased to continue investing in Queens County and surrounding
areas through our investment in Brooklyn Energy. It is an important
asset that will contribute to bringing economic stability to surrounding
communities and provide clean, renewable energy for Nova Scotians,” said
Emera Inc. is an energy and services company with $7.4 billion in assets
and 2011 revenues of $2.1 billion. The company invests in electricity
generation, transmission and distribution, as well as gas transmission
and utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation and the
delivery of that clean energy to market. Emera has interests throughout
northeastern North America, in three Caribbean countries. More than 80%
of the company's earnings come from regulated investments. Emera common
and preferred shares are listed on the Toronto Stock Exchange and trade
respectively under the symbol EMA, EMA.PR.A, and EMA.PR.C. Additional
information can be accessed at www.emera.com,
or on www.sec.gov.
Source: Emera Inc.
Sasha Irving, 902-229-5104
Jill MacDonald, CA, 902-428-6486