Greenleaf Power acquires biomass power plant
Central Valley Business Times
December 14, 2010
Greenleaf Power, a Sacramento-based owner and operator of biomass power plants, says it has reached an agreement to purchase 100 percent of the stock of Colmac Energy Inc. a biomass power plant in Mecca in Riverside County.
American Consumer Industries, the majority shareholder of Colmac, has operated the Southern California plant since its construction and initial start-up in 1992. The 47-megawatt facility is one of the largest biomass facilities in California and sells its electrical output to Southern California Edison under a long-term agreement.
The plant is fueled primarily using clean diverted wood waste, green waste and agricultural residues.
The transaction is expected to close after receipt of required regulatory approvals. Financial terms of the transaction were not disclosed.
Colmac is the third biomass acquisition by Greenleaf Power. Earlier this year, Greenleaf purchased the 30-megawatt Honey Lake biomass plant in Wendel, as well as a 28-megawatt biomass plant in Scotia.
"The Colmac facility is a significant acquisition for Greenleaf Power," says Hugh Smith, president of Greenleaf Power. "It will be a flagship plant for our growing fleet which now totals over 100 MW of capacity – and will provide the critical mass necessary to leverage the synergies that naturally result from the ownership of multiple facilities."
Scott Mackin, partner with Denham Capital, says that while wind and solar capture much of the attention in renewable energy, "bioenergy remains a vibrant, but often overlooked mainstay of our clean energy future."
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