Vancouver alternative energy firm Run of River Power Inc. (TSX-V:ROR) has completed its acquisition of Pacific Northwest Biomass Corp.
Pacific Northwest is developing a 30-megawatt biomass power plant near Hazelton, B.C. The project will produce an estimated 240,000 megawatt hours of energy per year, enough to power 24,000 homes. The company recently submitted its proposal under BC Hydro's call for bioenergy proposals.
Run of River is paying four million shares for Pacific Northwest, valued at approximately $820,000. The deal is conditional on the company completing an engineering study confirming the economic viability of its Hazelton biomass project and obtaining a long-term power purchase agreement with BC Hydro.
Run of River's share price range during the past week: between $0.18 and $0.20; 52-week high: $0.60; 52-week low: $0.18.