PLAINFIELD, Conn.--(BUSINESS WIRE)--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, 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.