NEW YORK, Sept. 4, 2007 (PRIME NEWSWIRE) -- MMC Energy, Inc. (Nasdaq:MMCE) announced today that the Company has reached a key milestone by filing a permit application with the San Diego Air Pollution Control District (SDAPCD) to upgrade the MMC Escondido power plant. The permit application is the first step in the process to begin the modernization of the existing Escondido plant.
During the six-month permit review, the SDAPCD will review the technical sections of the permit as they relate to air pollution control, emission estimates, and existing and future air quality. The upgraded project is expected to result in a net air quality benefit.
The upgrade will consist of the removal of the existing 44MW Pratt and Whitney Twin Pac combustion turbines along with their support and control systems, and replacement with a single 46.5MW General Electric LM-6000 new technology aero-derivative combustion turbine. The new turbine will be equipped with the latest and most advanced air pollution control systems including Selective Catalytic Reduction for the control of oxides of nitrogen, and an Oxidation Catalyst for the control of carbon monoxide. Overall, the new plant will be more fuel efficient, produce more power than the existing turbines, and be less polluting on a per megawatt-hour basis.
San Diego is one of the most constrained electricity markets in California and the entire United States according to the Department of Energy. The Escondido plant was originally developed with a view towards supporting one General Electric LM-6000 new technology aero-derivative distinct generating unit, and presents an attractive expansion opportunity to provide additional capacity, ancillary services and energy to the San Diego and Southern California market.
MMC has retained Worley Parsons Group as owners engineer to design the Escondido plant upgrade. Construction on the project is expected to begin in 2008. The upgrade project is scheduled to be completed and on line by June of 2009.
MMC Escondido is located in the City of Escondido in San Diego County on 1.8 acres of land owned by MMC Energy, Inc. and interconnects directly into the San Diego Gas and Electric transmission system. The plant is fueled with natural gas and has state of the art emission control systems. The current Escondido plant has a gross nameplate capacity of 44 MW and will be decommissioned and removed as the new upgrade facility comes on line.
The upgraded plant will have quick-start capabilities and can reach base-load power output in less than 10 minutes to meet peak load requirements. The plant interconnects directly into the San Diego Gas and Electric transmission system and is fueled with natural gas and has state of the art emission control systems. The upgraded facility will realize significant increases in efficiency and reductions in air emissions on a per megawatt-hour basis, compared with the current facilities.
About MMC Energy, Inc.:
MMC is an energy company that acquires and actively manages electricity generating and energy infrastructure-related assets in the United States. MMC's mission is to acquire, directly or through joint ventures, a portfolio of small to mid size electricity generating assets, generally below 250 megawatts, or "MW." To date, MMC has acquired three electricity generating assets in California, totaling 110 MW of capacity. MMC is traded on the NASDAQ Global Markets in the United States and the Deutsche Bourse in Germany.
MMC creates long-term value for its shareholders through discounted asset acquisitions and hands on post-acquisition asset management. MMC currently owns power generation assets in Southern California. MMC is currently in the process of upgrading two of these assets and continues to pursue an aggressive portfolio acquisition and growth strategy targeting power generation facilities and energy infrastructure assets primarily in California, Texas, the Mid-Atlantic, and the Northeastern U.S.
Forward Looking Statements:
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, including without limitation those statements regarding MMC'a ability to expand existing generating facilities and exploit acquisition opportunities. These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but no limited to, those risks described in MMC's Annual Report on Form 10-KSB and in its other public filings. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. MMC undertakes no obligation to update these forward-looking statements.