GreenHunter Energy Acquires Biomass Power Plant in Florida
Sep 3, 2008 – GreenHunter Renewable Power, LLC, a subsidiary of GreenHunter Energy, Inc. (AMEX:GRH) announced the acquisition of an existing 14 MW wood waste-fired biomass power plant located in Telogia, FL.
The acquisition of Telogia Power, LLC is a continuation of the multi-year strategy to increase the capacity of the biomass power plants within its existing portfolio. 
GreenHunter Renewable Power, LLC will acquire the 14 MW plant for about $2.5 million, which was originally constructed in 1986 by General Electric [NYSE: GE] and remained in operation with a 90% capacity factor until early 2008. The Company has budgeted an additional $8.8 million for the renovation and improvement of the biomass power plant, which is not currently in operation. The goal is to have the project back in commercial operation by the 1Q of 2009. GreenHunter is currently negotiating with several interested regional co-ops and utilities for a new long-term power purchase agreement. GreenHunter has negotiated with a third party to provide up to 40% of the power plant’s wood waste feedstock requirement. The remainder of the necessary fuel will be acquired from a variety of local wood waste sources.
GRH is down about 20% in price since this press release.
