Green Gas Americas Inc. Acquires Landfill-Gas-to Energy Project from Lime
HUNTERSVILLE, N.C. & PALM CITY, Fla. -- November 4, 2013
Lime Energy (NASDAQ: LIME) and Green Gas Americas, Inc., today announced that
Green Gas has acquired Lime Energy’s 2.8 MW landfill-gas-to-energy project
located in Charlotte County, Florida, through the acquisition of Lime Energy’s
subsidiary, GES-Port Charlotte, LLC, which owns the project. Lime has applied
the net proceeds from the sale to pay off the PNC Bank term loan used to fund
the construction of the facility.
The project is located on the Charlotte County landfill and sells power to
Orlando Utilities Commission through a long-term power purchase agreement. The
project won the EPA’s Landfill Methane Outreach Programs’ Landfill Project of
the Year for 2011.
“We have been privileged to partner with Charlotte County on this project,”
said John O’Rourke, chief executive officer of Lime Energy. “Green Gas’ deep
U.S. and international development and operational experience in the landfill
sector make it the ideal owner for the project.”
“This acquisition marks an important milestone for Green Gas Americas to
further expand our company’s mission of building a portfolio of landfill gas
to energy projects,” said Duncan Cox, Green Gas’ President. With this
acquisition, Green Gas International, the owner of Green Gas Americas, adds to
its portfolio of renewable energy projects, which now exceeds 120 MW of
projects that are owned operated and maintained by the company. Green Gas uses
its expertise to develop methane waste gas to power projects to the best
interest of all stakeholders.
About Lime Energy Co.
Lime Energy is building a new energy future. As a leading national provider of
energy efficiency for small business customers, Lime designs and implements
direct install programs for our utility clients which consistently exceed
program savings goals. Our award-winning, integrated services programs provide
utilities with reliable energy efficiency resources while delivering the
highest levels of customer satisfaction. This next generation approach is
helping utilities across the country to go deeper and broader with the
cheapest, cleanest and fastest energy resource that we have – energy
About Green Gas Americas, Inc.
Green Gas Americas, Inc., a subsidiary of Green Gas International
(www.greengas.net) is committed to climate change mitigation by converting
harmful methane waste emissions into valuable energy. The company has decades
of successful experience of gas drainage, conversion, treatment and management
from various sources such as coal mines, landfills and waste water facilities.
With a global team of 500 enthusiastic employees, Green Gas operates over 50
clean energy projects around the world. The valuable experience in utilising
low quality of methane (waste) gas by converting it into the most suitable
energy (power, heat or fuels) is a unique asset. This enables profitable
exploitation of challenging gas sources and upgrade of the gas to future proof
Green Gas provides solutions for all phases from gas extraction, energy
generation to the sale of the electricity, heat and carbon credits realized;
project design; engineering; project management, procurement and construction;
as well as operations and maintenance. The company develops sustainable energy
projects by using the latest technology to minimize environmental impact. The
strong growth in demand in the world for renewable energy sources provides
excellent settings for Green Gas to further expand its global activities.
With a growing installed power generating capacity of over 120 MWel, Green Gas
destroys over 120million m3 of methane and subsequently generates
approximately 650 GW hours of electricity. The company has built a strong
track record in developing landfill & coalmine gas to energy projects, where
currently each year the equivalent of harmful emissions of around 1 million
cars are neutralized whilst providing valuable power and heat to the
equivalent of over 200.000 households in the focused regions.
This news release includes forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 including statements that reflect Lime Energy's current expectations
about its future results, performance, prospects and opportunities. Lime
Energy has tried to identify these forward-looking statements by using words
and phrases such as "may," "expects," "anticipates," "believes," “potential,”
“hope,” "intends," "estimates," "plan," "should," "typical," "preliminary," or
similar expressions. These forward-looking statements are based on information
currently available to Lime Energy and are subject to a number of risks,
uncertainties and other factors that could cause Lime Energy's actual results,
performance, prospects or opportunities to differ materially from those
expressed in, or implied by, these forward- looking statements. These risks
include our ability to continue to grow and expand our utilities business and
those described in Lime Energy's most recent Annual Report on Form 10-K or as
may be described from time to time in Lime Energy's subsequent SEC filings;
such factors are incorporated here by reference.
Karen Pigg, 704-892-4442
Green Gas Americas Inc.
Duncan Cox, 772-220-0717
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