GreenHunter Energy (GRH) Surges Following Execution of 20-Yr Power Sales Agreement
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GreenHunter Mesquite Lake, LLC, a wholly-owned subsidiary of GreenHunter Energy, Inc. (Amex: GRH) announced today the execution of a new twenty year power sales agreement for 100% of the net output of the GreenHunter Mesquite Lake biomass-fired power plant located in Southern California. In conjunction with the new power sales agreement, the Company announced the execution of an Interconnection Agreement between GreenHunter Mesquite Lake and the Imperial Irrigation District for 100% of the net output of the biomass-fired power plant.
The power sales agreement between the IID and GreenHunter Mesquite Lake provides for the purchase of up to twenty-seven megawatts of net electrical output over a twenty year period for a fixed price escalating annually. The power sales must begin on or before June 30, 2011. The Company had previously cancelled an existing power sales agreement with another California utility which had been assumed when the acquisition of the asset occurred in 2007.
The Interconnection Agreement between GreenHunter and the IID provides for the delivery of electricity generated by the GreenHunter Mesquite Lake biomass-fired power plant through the existing electricity transmission system on an "as available" basis.
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