Greenleaf Power to acquire Plainfield Renewable Energy

Greenleaf Power, an owner and operator of renewable energy power plants, has entered into an agreement to acquire Plainfield Renewable Energy.

Plainfield Renewable Energy has a net electricity generation capacity of approximately 37.5MW. 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 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 our sixth acquisition in North America and second on the east coast,' comments Hugh Smith, president of Greenleaf Power.

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. The company is majority owned by private equity firm Denham Capital.

'Plainfield Renewable Energy will add to our portfolio of biomass plants and increase our total renewable energy capacity to more than 180MW,' Smith adds.

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