A U.S. energy company says it will develop new renewable energy projects for large industrial clients in North America and Europe.
WHITE PLAINS, New York, US, 2001-05-16 <SolarAccess.com> “We are identifying prospective new acquisitions and renewable energy development projects in North America and selected countries in Europe,” says Goran Mornhed, president and chief operating officer of U. S. Energy Systems Inc. ” We are enthusiastic about the opportunities to provide cost competitive, renewable energy for industrials and other large energy users.” The company reported earnings for the first quarter of this year were 375 percent higher than 2000, which Mornhed attributed to favourable market conditions in its energy division. The New York firm recently completed its acquisition of Zahren Alternative Power Corporation (ZAPCO), which has 60 MW of generating capacity at 28 renewable energy projects. U.S. Energy Systems owns and operates cogeneration plants in the U.S. and a 7 MW geothermal power plant in Steamboat Hills, Nevada. The output is sold to the Sierra Pacific Power Company.