Green Energy Renewable Solutions Forms Joint Venture In Puerto Rico
Project To Develop Recycling Facility and Island's First Waste-To-Energy Plant
Las Vegas, NV /PRNewswire/ -- Green Energy Renewable Solutions, Inc. (OTCBB: EWRL), a developer and operator of municipal solid waste processing and recycling facilities announced today that it has entered into a Letter of Intent to form a joint venture with Landfill Solutions, LLC of Puerto Rico, to remediate and manage the Yabucoa municipal landfill that has been closed since 2011. The remediation plan is designed to bring the landfill up to current operating standards and reopen the landfill for operations while developing recycling and waste conversion facilities.
Under terms of the agreement, the joint venture ("The Venture Company") will provide immediate remediation of the Yabucoa landfill located on 50 acres in the southeastern tip of the island of Puerto Rico. The initial phase of the project includes slope stabilization, construction of new road access and internal roadways, and leachate, run-off and flood control to bring the landfill site in compliance with regulatory standards of the Autoridad De Desperdicios Solidos ("ADS"), the environmental control authority in Puerto Rico. The Venture Company expects to begin work on the site immediately and estimates that the landfill will reopen within 120 to 180 days.
Following completion of the remediation phase, plans include rapid development of a recycling facility and waste-to-energy conversion plant. The ultimate goal is to divert all incoming Municipal Solid Waste for separation and processing to capture valuable recycle materials and convert the remainder to energy and fuels. The Company believes the planned operations will reduce the volume impact to landfill by 90% or more when fully operational.
Green Energy and Landfill Solutions, LLC have been collaborating on this project since October 2011, and the signing of the formal agreement will make the two companies 50/50 partners in The Venture Company.
Additional terms of the agreement provide a 30-year lease of the landfill at no cost to The Venture Company, which had previously secured long-term municipal solid waste ("MSW") contracts to supply 500 tons of MSW per day to the Yabucoa landfill from 4 Puerto Rico municipalities. When completed the estimated $100 million project will have a projected capacity to process at least 1,000 tons of MSW per day. The estimated output of the recycle and recovery operations include an estimated 200 tons per day of recycle materials (recovered metals, plastics, quality paper and cardboard that can be reused for new product manufacturing) 350 barrels of sweet crude oil equivalent and up to 15 Megawatts of electrical power output.
Joe DuRant, CEO of Green Energy Renewable Solutions, Inc., said, "We believe this joint venture is a tremendous opportunity to use our unique landfill diversion and energy conversion strategies to address the immediate needs of Yabucoa and the surrounding communities. It is our belief that this operating facility will demonstrate our ability to dramatically improve the current waste disposal situation on the island of Puerto Rico, where there is currently no operating waste-to-energy plant. Our agreement is supported by long-term contracts that are expected to provide short-term, stable revenues while we develop recycling and waste-to-energy plant capacity for both fuel and electrical output. Long-term power purchase agreements and robust demand for fuels in Puerto Rico make this a very attractive location."
About Green Energy Renewable Solutions, Inc.
Green Energy Renewable Solutions is a developer and operator of municipal solid waste and construction and demolition waste processing and recycling facilities. The Company operates with long-term supply agreements to process waste materials into valuable recyclables and reduce waste volume going into landfills by up to 85%. Green Energy Renewable Solutions has developed a strategic plan to create sustainable renewable energy with waste-to-energy power plants and the production of waste derived fuels. For more information on Green Energy Renewable Solutions, visit www.greenenergyrenewablesolutions.com
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
SOURCE: Green Energy Renewable Solutions, Inc.Copyright 2012 PR Newswire. All Rights Reserved