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Fortress Global Cellulose signs electricity supply agreement with Hydro Québec

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Fortress Global Cellulose signs electricity supply agreement with Hydro Québec

October 01, 2012 - 00:10
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VANCOUVER, BC, Oct. 1, 2012 (Market Wire) -Fortress Paper Ltd. ("Fortress Paper" or the "Corporation") (FTP.TO) announced today that it has signed, through its wholly-owned subsidiary, Fortress Global Cellulose Ltd. ("Fortress Global"), an electricity supply agreement with Hydro Québec for the sale of green electricity to be produced at the Fortress Global Cellulose Mill"s cogeneration facility upon its re-start. The agreement was entered into in connection with Hydro-Québec Distribution"s Power Purchase Program for electricity derived from forest biomass, which was launched on December 20, 2011.

Under the terms of the agreement, Fortress Global will provide up to 34 megawatts of green power to Hydro Québec commencing no later than June 1, 2014, at a price of $106 per megawatt hour, indexed to the consumer price index over a 25 year term.

Chadwick Wasilenkoff, CEO of Fortress Paper, states, "The signing of the electricity supply agreement represents a key component in achieving our business plan at the Fortress Global Cellulose Mill, which includes the restart of the cogeneration facility to produce green electricity that in turn will reduce production costs. Generating green energy exemplifies our commitment to sustainable development and we believe that the results of this partnership with Hydro Québec will be beneficial to the environment and the community, as well as to Fortress Paper."