Catamount Energy Corporation and Marubeni Power International, Inc. Announce Host Towns Agreement with Jackson and McIntyre Town
September 15 2005 - 5:35PM
Business Wire
Catamount Energy Corp. (Catamount) and Marubeni Power International
Inc. announced today that their co-owned company, Laurel Hill Wind
Energy, LLC, which is proposing to develop a wind-energy farm
producing 70 megawatts of clean energy, has entered into an
agreement with Jackson and McIntyre Townships that provides for
financial benefit to each of the townships. In addition to the wind
project paying its full share of municipal taxes, the project will
also contribute $2 million to the townships over the course of the
project's economic life. In the event the Commonwealth of
Pennsylvania enacts legislation that would exempt the project from
paying taxes, Laurel Hill has agreed to provide up to $2.8 million
in economic benefits to the townships. "This agreement demonstrates
in very real terms the economic benefit our proposed wind farm can
bring to the project's host communities," said Robert Charlebois,
managing director at Catamount. "It is very important to us that
benefits flow to the local community. In addition to jobs and
clean, affordable electricity, we worked hard to ensure the
townships would receive direct economic gain well above the normal
taxes the project will pay." "The agreement is the end result of
long discussions with the wind farm and assures that the residents
of the township that will be bearing the burden will be the ones
that will be receiving the benefits," said Clarence Mathews,
chairman of the Jackson Township Supervisors. "There would have to
be nearly 2,000 new homes built in Jackson Township to yield as
much tax revenue at the present tax rate." Al Boyer, chairman of
McIntyre Township Supervisors, echoed that support. "The agreement
is a good one for our community, and we look forward to a long-term
relationship with the wind farm," he said. "We support approval, as
any unnecessary delays will cost our townships many dollars." The
project is currently seeking zoning approval from the Lycoming
County Zoning Board. The hearings have taken longer than the
developers anticipated due to local opposition led by Grey's Run
and Bear Hollow Hunting Clubs. Catamount, the non-regulated
subsidiary of Central Vermont Public Service (NYSE: CV), has been
in the business of providing clean, cost-competitive electricity in
the U.S. and Europe for over 15 years. Catamount is a developer,
owner, and operator of wind energy projects. More information on
Catamount is available on the Internet at www.catenergy.com.
Marubeni Power International is a 100% subsidiary of Marubeni
Corporation, one of Japan's largest general trading companies.
Marubeni develops, owns, and operates power projects around the
world and currently owns over 2,000 net megawatts of generating
capacity, including over 500 megawatts of renewable energy
generation. More information can be found at www.Marubeni.com. This
press release includes statements that may constitute
"forward-looking" statements, usually containing the words
"believe," "estimate," "project," "expect," or similar expressions.
These statements are made pursuant to the safe harbor provision of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
future trends in wind and other projects, acceptance of the
Companies' products and services in the marketplace, competitive
factors, dependence upon third-party vendors, and other risks. By
making these forward-looking statements, the Companies undertake no
obligation to update these statements for revision or changes after
the date of this release.
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