Plainfield Renewable Energy Project Substantially Complete and Commercially Operational
Leidos (NYSE: LDOS), an engineering, national security and health solutions company, announced the Plainfield Renewable Energy project in Plainfield, Conn., has reached substantial completion on December 21, 2013 under the terms of the facility's engineer, procure, and construct (EPC) contract. The facility has met all conditions to qualify as an ISO New England (ISO-NE) market asset and achieved commercial operation under the terms of its interconnect agreement with ISO-NE. The commercially operational plant has also met the eligibility requirements under the American Recovery and Reinvestment Act for a 1603 cash grant.
As one of the only Class 1 renewable biomass plants in the state, the facility will power the equivalent of 37,000 homes using a variety of fuel sources, such as wood from construction and demolition debris, recycled wood pallets and land clearing materials. Connecticut Light & Power will purchase 80 percent of the power from the plant based on a 15-year off-take agreement, based on the plant's status as a renewable power source.
Leidos will operate the plant and commence marketing efforts to sell the facility to renewable power plant investors in an effort to maximize the value of the investment for shareholders.
"The Plainfield Renewable Energy project is a unique power plant that creates a beneficial reuse for construction debris by turning it into energy. We're excited to have this important facility up and running to deliver renewable energy to the residents of Connecticut and New England for years to come," said John Jumper, Leidos chairman and chief executive officer.
Leidos is a science and technology solutions leader working to address some of the world's toughest challenges in national security, health, and engineering. The Company's 23,000 employees support vital missions for our government and the commercial sector, develop innovative solutions to drive better outcomes, and defend our Nation's digital and physical infrastructure from 'new world' threats. Leidos is headquartered in Reston, Va. and had approximately $6 billion in revenues for fiscal year 2013, on a pro forma basis, following the spin-off of the company's technical, engineering and enterprise IT business on Sept. 27, 2013.
Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in Leidos' Annual Report on Form 10-K for the period ended January 31, 2013, and other such filings that Leidos makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
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