HALIFAX, Nova Scotia--(BUSINESS WIRE)--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 Huskilson.
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, www.sedar.com, or on www.sec.gov.