Jul 29 2015
Greenleaf Power, an owner and operator of green energy power plants and a portfolio company of leading energy and resources-focused global private equity firm Denham Capital, announced today that it has finalized the purchase of the Plainfield Renewable Energy Plant located in Plainfield, Conn.
“The acquisition of Plainfield Renewable Energy will mark Greenleaf Power’s sixth acquisition in North America. The Plainfield facility will increase Greenleaf’s scale and materially improve both the contracted revenues and the average PPA life of its portfolio,” said Hugh Smith, President and CEO of Greenleaf Power. “Plainfield solidifies Greenleaf Power’s presence throughout North America as the leading growth-oriented owner and operator of biomass 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 uses clean biomass as its fuel and sells its electrical output to Connecticut Light and Power under a long-term offtake agreement.
Greenleaf Power’s existing facilities are located in California and Quebec, Canada. The company’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.
"Plainfield Renewable Energy adds to our portfolio of biomass plants and increases 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 to be good neighbors and partners.”
Greenleaf Power 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 experienced management team consists of clean energy professionals focused on optimizing biomass plant performance.
"Biomass energy is one of the few renewable technologies that provides baseload renewable energy," noted Smith. "While most other renewable sources are intermittent, biomass provides reliable, predictable power under all conditions throughout the year."
Greenleaf Power purchased the Plainfield facility from Leidos, Inc., which has owned and operated the plant since it became operational in late 2013. Greenleaf's financial advisor is EA Markets.