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13 April 2006 -- Central Hudson Enterprises Corporation, a subsidiary of CH Energy Group, Inc., has purchased the majority interest in a 19-MW upstate New York biomass electric generating plant for $9.8 million from Dallas, Texas-based Catalyst Renewables Corporation. Catalyst will continue to own a minority share and provide asset management services to the facility. Lyonsdale Biomass, which was constructed in 1992 and burns wood to generate electricity, lies about 35 miles northwest of Utica, New York, in the Lewis County community of Lyonsdale.
"We're excited about our investment in Lyonsdale Biomass. It extends our renewable energy portfolio, which already includes ethanol and wind energy. We are also delighted to be partnering with the Catalyst team. They have done an outstanding job managing Lyonsdale. And, we've entered into a long-term contract for the sale of all of the plant's output, allowing our solid operating team to focus on efficient operations and maximizing output," said Steven V. Lant, Chairman of the Board, President and Chief Executive Officer of CH Energy Group, Inc.
The plant employs 22 full-time employees. In addition to the power purchase agreement, Lyonsdale's steam byproduct is sold under contract to a nearby paper plant.
The plant is located in the midst of a heavily forested region, and has diversified its fuel sources by developing long-term relationships with more than 25 logging firms to supply wood chips for fuel, Lant added.
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