Chadds Ford, Pennsylvania, January 1st, 2007 – Bridgestone Associates, Ltd (www.brdgstn.com) today announced an agreement with Philmet Capital Group LLC, a New York City based developer to develop a conceptual design and prepare a detailed feasibility study for a 50 MW biomass fired plant in Corinth, New York.
Under the agreement, Bridgestone Associates will prepare a detailed analysis of the technical, environmental, regulatory and economic feasibility of developing, financing, constructing and operating a 50 MW biomass fired power plant. The power plant will be located on the site of a former International Paper Mill paper plant in the town of Corinth, New York. Philmet Capital purchased the paper mill plant site from International Paper which had closed the paper mill in approximately 2002. The site includes a number of existing buildings, two landfills, a 3.5 mile rail spur, an existing boiler and extraction steam turbine plant, and a waste water treatment plant. As part of the feasibility study, Bridgestone Associates will evaluate whether any of this existing plant equipment and infrastructure can be re-used in a new biomass fired plant. Bridgestone Associates will also conduct a preliminary biomass resource study. It is anticipated that approximately 600,000 tons/year of forest residues (tree limbs, undersized trees, trimmings, etc.) as well as clean sawmill and wood industry wastes will be used in the plant. The complete feasibility study is to be completed on an accelerated schedule.
“We are very pleased to have been selected to conduct this study for Philmet Capital”, said Martin Anderson, President of Bridgestone Associates, Ltd. “We have a strong background in biomass project evaluation and development” continued Mr. Anderson. “A 50 MW biomass plant is very large when compared to existing biomass plants in the US and around the world. The logistics of sourcing and delivering 600,000 tons per year of wood chips into a single site will be a challenge, but there will be economies of scale and the reliable baseload renewable power generated will have a ready market in New York State and New England”
About Bridgestone Associates, Ltd.
Bridgestone Associates, Ltd. is a Chadds Ford, Pennsylvania, USA energy consulting and development company focused on the evaluation, development, financing, design, construction and operations of renewable and other energy production facilities, and on the use and utilization of energy. The company provides these services to developers and owners of power generating and other energy related projects worldwide, as well as commercial and industrial energy users.