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.
“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 solidifies Greenleaf Power’s presence throughout North America as the leading owner-operator of biomass power facilities.”
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. The facility, which first became operational in December 2013, uses clean biomass as its fuel and sells its electrical output to Connecticut Light and Power under a long-term offtake agreement.
Greenleaf Power, whose existing facilities are located in California and Canada, 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. Greenleaf Power's experienced team of clean energy professionals has proven its capability to optimize the profitability, efficiency and output of its plants by undertaking operational improvements, fuel procurement initiatives and revenue enhancements. Greenleaf Power is majority owned by Denham Capital, a leading energy and resources focused private equity firm.
“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, which has owned and operated the plant since it became operational in 2013. Financial terms of the transaction were not disclosed.
Source: Greenleaf Power
Date: Mar 25, 2015