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Wednesday, May 9, 2012
There is $ in Haiti's Trash!
Haiti's trash headed for ovens in $250M waste-to-energy project
Pittsburgh Business Times by Anya Litvak, Reporter
Date: Monday, May 7, 2012, 5:05pm EDT
Anya Litvak
Reporter - Pittsburgh Business Times
Email | Twitter International Electric Power LLC will be turning Haiti’s waste to watts in a $250 million project announced today.
The Pittsburgh-based company said it signed a 30-year public-private partnership agreement with the Government of Haiti to collect municipal trash from the metropolitan area of Port au Prince and burn it in a 30 megawatt powerplant to generate electricity.
The venture is called Project Phoenix and International Electric power is predicting it will create about 1,800 jobs in Haiti. It would not disclose how much money it's investing in the venture.
The company expects the financial closing will take place during the fourth quarter of this year. After that, the project partners will set about collecting garbage and building the power plant.
Another Pittsburgh company, THREAD (The Haitian Redevelopment Initiative) International, also will be involved, according to International Electric Power. THREAD is planning to build a factory that converts discarded plastic into thread.
According to its website, International Electric Power also is working on developing a $60 million wind farm in Haiti with a capacity of 20 megawatts. It’s been looking for financing for the project since January 2011.
The Haitian power plant will be one of the company’s first generation assets when built.
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