Greenleaf Power to buy Plainfield Renewable Energy biomass plant
March 26, 2015
By Marketwired
March 26, 2015 – Greenleaf Power, an owner and operator of renewable energy power plants, announced today that it has entered into an agreement to acquire Plainfield Renewable Energy, a biomass-fuelled plant in Connecticut.
The facility, which first became operational in December 2013, uses biomass as its fuel and sells its electrical output to Connecticut Light and Power under a long-term offtake agreement.
“The acquisition of Plainfield Renewable Energy will mark Greenleaf Power’s sixth acquisition in North America and second on the east coast,” said Hugh Smith, president of Greenleaf Power.
Plainfield Renewable Energy has a net electricity generation capacity of approximately 37.5 megawatts. It is capable of providing baseload renewable energy for as many as 280,000 homes.
Greenleaf Power currently owns the Saint-Félicien Cogeneration Power Plant in Saint-Félicien, Que., as well as several other biomass-fuelled power plants in California.
The company is focused on investing in and developing projects that gather biomass that would otherwise be openly burned or landfilled, and converting it to renewable energy.
“Plainfield Renewable Energy will add to our portfolio of biomass plants and increase our total renewable energy capacity to more than 180 megawatts,” added Smith. “This facility holds tremendous promise and we look forward to working closely with the Plainfield community.”
Greenleaf Power expects to close on the transaction later this year. The Plainfield facility is being purchased from Leidos, Inc., which has owned and operated the plant since it became operational in 2013. Financial terms of the transaction were not disclosed.
About Greenleaf Power
Greenleaf Power acquires, develops, owns and operates power projects that utilize residual biomass as fuel. Greenleaf Power currently owns and operates more than 180 megawatts of biomass generating assets in North America. With its corporate headquarters located in Sacramento, Calif., Greenleaf Power directly employs over 150 people and supports approximately 600 full-time positions dedicated to supplying the facilities’ fuel requirements. Greenleaf Power is backed by Denham Capital, a leading global energy-focused private equity firm. For more information about Greenleaf Power, visit www.greenleaf-power.com.
About Denham Capital
Denham Capital is a leading energy-focused global private equity firm, advising funds with approximately $7.9 billion of invested and committed capital. Denham Capital makes direct investments in the energy and resources sectors, including businesses involving renewable and thermal power generation, oil and gas, and metals and minerals. From offices in Boston, Houston, London, São Paulo and Perth, Denham invests globally, with current investments in Africa, the Middle East, the U.S., Canada, South America, Australia, Europe and Asia. Denham invests across all stages of the corporate lifecycle, from exploration and development projects to mature, operating businesses, and all segments of the capital structure. For more information about Denham Capital, visit www.denhamcapital.com.
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