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Laidlaw acquires biomass power plant

Renewable energy company Laidlaw Energy Group is to acquire a biomass-fired power plant after it entered into a Letter of Intent on 7 February 2011.

Laidlaw will purchase the 14MW plant from Renegy Holdings and other affiliated shareholders.

The president and CEO of Laidlaw Michael Baroszek notes: 'This transaction is part of a larger strategy of growth and diversification that we have been working on for some time. We shortly expect to announce another major acquisition that will further expand our business.'

Laidlaw expends for the transaction to close within the next 45-60 days.