Greenleaf Power completes aquisition of Plainfield Renewable Energy Power Plant in Connecticut
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Greenleaf Power owns and operates approximately 145 megawatts of biomass generating assets.
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.
“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.â€
"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.â€
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.
"While most other renewable sources are intermittent, biomass provides reliable, predictable power under all conditions throughout the year," said Smith.
Greenleaf Power of Sacramento, Ca., a portfolio company of energy and resources-focused global private equity firm Denham Capital, owns and operates approximately 145 megawatts of biomass generating assets in the U.S. and Canada. ■