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07 Dec 2011 Last updated at 05:44:43 GMT
Primary Energy signs long-term contract for Portside Energy Facility
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ILLINOIS (Scrap Monster): Primary Energy Recycling Corporation, a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, has finalized a long-term contract for energy services for its Portside Energy facility.
Primary Energy built, owns, and operates the highly efficient 63 MW combined heat and power (CHP) facility that supplies thermal and electrical energy required by its host.
The new agreement takes effect after the expiry of the existing contract in 2013 and continues through August 31, 2028. Terms of the agreement require Primary Energy to further improve the Portside facility's overall efficiency through the implementation of a boiler turndown project and the installation of a condensing economizer, both of which are expected to be completed in 2012 at a total cost between US$6.5 and US$8.5 million.
The overall financial terms of the agreement are in line with Primary Energy's expectations and consistent with its stated objectives for contract renewals.
"This long-term renewal further strengthens our relationship with our host and again demonstrates that we can extend our project contracts that provide improved value to our customers while delivering on our commitments to our shareholders," said John Prunkl, President and Chief Executive Officer of Primary Energy Recycling.
"This agreement marks the second long-term extension that we have signed in 2011 with a core customer, illustrating the cost effectiveness of our energy recycling and highly efficient combined heat and power solutions, which provides our customers clean, reliable energy with the added benefit of reducing carbon dioxide emissions while saving money."
Primary Energy built, owns, and operates the highly efficient 63 MW combined heat and power (CHP) facility that supplies thermal and electrical energy required by its host.
The new agreement takes effect after the expiry of the existing contract in 2013 and continues through August 31, 2028. Terms of the agreement require Primary Energy to further improve the Portside facility's overall efficiency through the implementation of a boiler turndown project and the installation of a condensing economizer, both of which are expected to be completed in 2012 at a total cost between US$6.5 and US$8.5 million.
The overall financial terms of the agreement are in line with Primary Energy's expectations and consistent with its stated objectives for contract renewals.
"This long-term renewal further strengthens our relationship with our host and again demonstrates that we can extend our project contracts that provide improved value to our customers while delivering on our commitments to our shareholders," said John Prunkl, President and Chief Executive Officer of Primary Energy Recycling.
"This agreement marks the second long-term extension that we have signed in 2011 with a core customer, illustrating the cost effectiveness of our energy recycling and highly efficient combined heat and power solutions, which provides our customers clean, reliable energy with the added benefit of reducing carbon dioxide emissions while saving money."
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