GOLD RIVER, BC, March 16 /CNW/ - Green Island Energy Ltd. (Green Island
Energy) announced today that it is partnering with Covanta Holding Corporation
("Covanta") 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 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. BC Hydro is the largest electric utility in
British Columbia and a provincial Crown corporation. When completed, the
project will generate approximately 90 MW of electricity to BC Hydro.
"This project would be a boost to Gold River's economy while helping us
meet the surging demand for clean, renewable energy," said David O. Kingston,
chairman and chief executive officer of Green Island Energy. "Using refuse
derived fuel to generate electricity makes sense. This will help make us more
economically self-sufficient and allow us to generate our own energy. Not only
will we be able to power our own homes, it will also help us reduce imports of
electricity on the Island while minimizing our dependency on landfills and the
need to transfer waste across territorial borders."
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.
"From its inception, the partners behind Green Island Energy have been
committed to providing a cost effective and environmentally focused solution
for the growing waste management challenges for communities within the
Province," Kingston said. "With this project, we can offer those communities a
sustainable, long-term solution that helps the environment."
Negotiations with municipal governments, including Metro Vancouver, will
be important in ensuring the continued progress of the Project.
About Green Island Energy Ltd
Green Island Energy Ltd. is a privately held Canadian company based in
Vancouver, BC. Its mission is to facilitate the development of clean,
sustainable and economically viable energy projects. Initially, it has
identified energy-from-waste power generation as its primary focus and
concentrating in areas that are net importers of energy and users of landfills
as its primary outlet for its municipal waste. For more information, visit our
site at www.greenislandenergy.com
For further information:
For further information: John O'Connor, Tel: (708) 784-9524,