American Renewables To Develop Biomass Plants

Energy investment and development companies BayCorp Holdings Ltd., Energy Management Inc. (EMI) and Tyr Energy Inc. announced that they have jointly formed and capitalized American Renewables LLC to develop, build and operate biomass-fueled power generation facilities.

BayCorp and EMI have contributed their interests in three biomass projects under development including Nacogdoches Power (NacPower) and two projects in the Southeastern U.S. to American Renewables. Tyr Energy has provided development capital to the entity.

“We are excited about the significant growth opportunities in biomass power generation, and are honored to partner with two experienced and highly capable project developers,” said Karl Usami, president and CEO of Tyr Energy.

NacPower is a 100 MW wood-fired biomass electric generating project in East Texas and has secured a 20-year power purchase agreement (PPA) with Austin Energy. Construction on the project is expected to begin in the spring of 2009 and it is expected to be commercially operable in the spring of 2012. When completed the project will be one of the largest biomass fueled electric generating facility in the U.S.