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Clean Power Development and Gestamp Biomass Ink Agreement on Biomass Energy Projects

Clean Power Development, LLC and Gestamp Biomass have inked an agreement for jointly developing, financing and operating biomass energy projects throughout the Northeast area of the U.S.

Clean Power Development, an energy development company, focuses on wood biomass-fueled thermal and electrical production projects. On the other hand, Gestamp Biomass is a Gestamp Renewables division, a provider of solar, biomass and wind energy and a Gestamp Corporation subsidiary.

The two companies will conduct joint initiatives in the U.S. states namely Pennsylvania, New York, Connecticut, Rhode Island, Massachusetts, Vermont, New Hampshire and Maine. Clean Power Development will be involved in identifying and providing diligence associated to present operational biomass plants for potential purchase by Gestamp Biomass. Clean Power Development will offer a range of services during the operation, acquisition, development and construction of the projects owned by Gestamp Biomass.

Gestamp Biomass will provide project equity, support development and make arrangements for the balance of plant funding for the projects that are undertaken.

Under the terms of the agreement, the first project will be a Combined Heat and Power (CHP) biomass plant with 29 MW capacity in Berlin, New Hampshire. This plant will employ 23 people.

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