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Laidlaw to Acquire 14-Megawatt Biomass Project in California

June 2 (Bloomberg) -- Laidlaw Energy Group Inc., a New York-based power-plant developer, agreed to buy a 14-megawatt biomass facility in California.

Laidlaw plans to invest about $20 million to upgrade the Susanville plant over the next 12 months, the company said today in a statement that did not disclose the price.

The seller is Renegy Holdings Inc., which is partly owned by the French renewable energy company Hanalei Renewables. Both companies will become equity holders in Laidlaw and will be issued a new class of preferred shares. Laidlaw is negotiating a 20-year to 30-year power-purchase agreement.

Link to Statement:{NSN LM5XE03V280O <GO>}

Link to Company News:{RGYH US <Equity> CN <GO>} Link to Company News:{LLEG US <Equity> CN <GO>}

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net

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