SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: December 15, 1997
TRIGEN ENERGY CORPORATION
Delaware 1-13264 13-3378939
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State of Commission File No. IRS Employer ID
Incorporation
One Water Street
White Plains, NY 10601
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Address of Principal Zip Code
Executive Offices
914-286-6600
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Registrant's telephone number
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Item 5. Other Events.
A Press Release is incorporated by reference as Exhibit 1 attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRIGEN ENERGY CORPORATION
Date: December 15, 1997 By:/s/ Thomas R. Casten
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Thomas R. Casten,
President
TRIGEN ENERGY CORPORATION
One Water Street
White Plains, NY 10601
Phone: 914/286-6628
Fax : 914/948-9157
NEWS RELEASE CONTACT: Susan Odiseos
FOR IMMEDIATE RELEASE Director of Corporate Communications
(914) 286-6628
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TRIGEN ENERGY TO ACQUIRE POWER SOURCES INC.
Owner/Operator of Industrial Energy Plants in Southeast
White Plains, N.Y., December 15, 1997 - Trigen Energy Corporation
(NYSE symbol: TGN) has signed an agreement to acquire privately-held Power
Sources Inc. (PSI), a biomass-to-energy power plant developer and operator
headquartered in Charlotte, North Carolina. PSI had revenues of $17.9 million
for its fiscal year ended June 30, 1997. Trigen indicated that the
acquisition, expected to close next month, has a purchase value of
approximately $40 million and would be immediately accretive to earnings per
share.
PSI was founded in 1985 and specializes in supplying steam to industrial
customers produced from biomass fuels including wood residues, rice hulls and
paper sludge. The plants they have developed and operate currently supply
steam to seven industrial facilities in North Carolina, South Carolina,
Mississippi and Tennessee, a region not now served by Trigen. PSI's
customers include some of the largest industrial companies in the United
States.
Thomas R. Casten, president and CEO of Trigen commented, "The PSI
acquisition will add four states to the 15 locations Trigen already serves
and increases the number of Trigen plants from 26 to 33. PSI will operate as
a subsidiary of Trigen with no personnel changes anticipated."
"Like Trigen, PSI is focused on growth. It has added five new industrial
customers over the same number of years, and we expect this growth to continue.
Both Trigen and PSI have proven expertise in providing thermal energy to
industrial facilities. PSI's use of biomass fuels is consistent with
Trigen's goals of reducing the use of fossil fuel for energy production and
lowering CO2 emissions to help mitigate global warming. PSI's expertise will
help Trigen improve biomass operations at our Prince Edward Island plant in
Canada and enhance the design of the recently announced wood waste plant to
serve Northern State Power and District Energy St. Paul. We are delighted to
gain access to the knowledge PSI has developed to lower the cost of steam
generation and to benefit from their broad experience with renewable energy.
Our similar goals and strategies for dispersed energy production fit hand in
glove with each other."
PSI president, Gerald Caughman, said, "With Trigen's focus on thermal
sciences and its financial strength, we look forward to continued growth of our
industrial customer base. We welcome the opportunity to apply Trigen's
experience in all energy production areas, particularly the combined production
of heat and power."
Trigen, the leading thermal sciences company in North America,
develops, owns and operates commercial and industrial energy systems. Trigen
uses its expertise in thermal engineering and proprietary cogeneration processes
to convert fuel to thermal energy and electricity at more efficient conversion
rates than conventional processes. Trigen combines heat and power generation,
producing electricity as a by-product, for use in its facilities and for sale to
customers. The Company presently serves more than 1,500 customers with energy
produced at 26 plants in 15 locations, including industrial plants, electric
utilities, commercial, office and government buildings, colleges and
universities, hospitals, residential complexes and hotels.
