Copernic has said that Newlook Industries has reached an agreement with local developers to secure land and facilities for the construction of a methane gas power generation plant in Quebec.
Newlook intends to incorporate the agreement into the transaction between Sunbay Canada and Copernic. Copernic has said that its planned closing of the Sunbay transaction will be temporarily delayed due to the inclusion of the Quebec power generation development agreement. The transaction is subject to regulatory approval.
The agreement is said to be the first step to the conversion of biomass and residential waste to energy. The process plans to utilize turbo plasma technology for the destruction of harmful emissions. The agreement is conditional upon receipt of a satisfactory power purchase agreement.
Marc Ferland, CEO of Copernic, said: “This agreement is very positive for the Sunbay transaction, however additional time would be required to conclude the transaction.”