Mercer Secures C$40 Million Gov't. Funding for Celgar Green Energy Project
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Mercer International, Vancouver, B.C., Canada, reports that its Celgar mill in Castlegar, B.C., has entered into a C$40 million contribution agreement with the Canadian government for funding of the mill's green energy project. Using funding from the Contribution Agreement, Mercer expects construction of the Celgar Energy Project to resume shortly and to commence electricity generation by the third quarter of 2010. This non-repayable capital contribution to the Celgar Energy Project will improve the energy efficiency and environmental performance of the mill. Mercer has signed a 10-year electricity purchase contract with BC Hydro, British Columbia's primary public utility provider, for the sale of power generated by the Celgar Energy Project. Approximately C$17.7 million of further funding may be available for use by the Celgar mill on other eligible projects until March 31, 2012, and a number of high return projects are currently under consideration to utilize such funding.
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