Otoka Energy Corporation Announces Strategic Acquisition in California Biomass Project
IONE, Calif.-(Business Wire)-September 23, 2009 - Otoka Energy Corporation today announced the acquisition of a majority stake in Buena Vista Biomass Development, LLC and the creation of a strategic alliance for the refurbishment of the renewable energy woody biomass project, Buena Vista Biomass Power LLC, located in Ione, California. The renewable energy project will provide approximately 18 megawatts of base-load electric generating capacity to the region and assist the State in reducing emissions from uncontrolled forestry and agriculture fires and further the goal to increase renewable energy sources.
“Otoka is proud to join with Buena Vista Biomass Development in this exciting renewable project,” said Rob Broin, Chairman and Chief Technology Officer for Otoka. “Otoka and Buena Vista Biomass Development share the same vision as the State of California to develop local solutions for a global problem by developing responsible, clean, sustainable energy for the communities in which we operate, and this project represents an important step in Otoka’s plan to become a leader in biomass to energy projects in North America, and complements our ongoing efforts elsewhere.”
The additional expertise and financial resources that Otoka contributes to Buena Vista Biomass Development, LLC will further enhance the restoration and operation of the Project. As previously disclosed by Buena Vista Development LLC, the project is scheduled to commence operation in mid 2010.
“Buena Vista Biomass Development is pleased to announce its strategic relationship with Otoka Energy Corporation. The ongoing commitment of our combined teams to the community and this project will be evident through our communication outreach and our collaborative efforts related to operational processes and economic development, including the addition of family wage jobs in high unemployment rural counties. The journey over the last two and a half years has developed a strong foundation, but we must remain focused on community stewardship and market dynamics in order to successfully complete the restoration process. We firmly believe that this renewable energy biomass project will truly be a benefit to the community, the county and the state,” said Mark Thompson, Managing Partner for Buena Vista Biomass Development LLC.
Buena Vista Biomass Development LLC, Buena Vista Biomass Power LLC and Otoka Energy Corporation are all privately held companies. For more information please visit our respective websites: www.bv-biomass.com and www.otokaenergy.com.
 |
 |
 |
|
||
 |
|
 |
|
||
Search Our News Using Google Search
Can't find what you want? Try using Google:
