Greenleaf Power Finalizes Acquisition of Biomass Power Plant In Mecca, California
Greenleaf Power, an owner and operator of green energy plants, announced today that it has finalized the purchase of Colmac Energy, Inc, (Colmac). Colmac is the third biomass acquisition by Greenleaf Power. Last year, Greenleaf Power purchased the 30-megawatt Honey Lake biomass plant in Wendel, Calif. as well as a 28-megawatt biomass plant in Scotia, Calif.
Greenleaf Power's acquisition totaling over 100MW of renewable biomass capacity
Sacramento, Calif. – February 22, 2011 – Greenleaf Power, an owner and operator of green energy plants, announced today that it has finalized the purchase of Colmac Energy, Inc, (Colmac).
Colmac is the third biomass acquisition by Greenleaf Power. Last year, Greenleaf Power purchased the 30-megawatt Honey Lake biomass plant in Wendel, Calif. as well as a 28-megawatt biomass plant in Scotia, Calif.
"With the addition of the Colmac facility, Greenleaf Power has more than 100 megawatts of capacity, and is using its multiple facilities to maximize efficiencies," said Hugh Smith, president of Greenleaf Power. "As the nation moves to a greener economy, Greenleaf Power will continue to invest and develop green energy."
Greenleaf Power is focused on investing and developing green energy, especially biomass. Greenleaf Power's experienced team of clean energy professionals optimizes the profitability, efficiency and output of its plants by undertaking operational and capacity improvements, fuel procurement initiatives and revenue enhancements.
"Biomass energy is one of the lowest cost, baseload renewable sources of power," said Hugh Smith. "While most other renewable sources are intermittent, biomass can provide a continuous stream of power."
Biomass fuel used by Greenleaf Power is a renewable energy source consisting of organic material from plants. Biomass power facilities harness the energy stored in such organic materials to produce baseload, renewable power.
The use of beneficial biomass resources such as agricultural waste and urban wood waste diversion can reduce overall carbon emissions by displacing those from fossil fuels, such as coal, oil or natural gas. Biomass power plants use this material for fuel, burning it under controlled, low-emission conditions to generate electricity. In addition, biomass facilities divert waste from landfills and displace the greenhouse gas emissions of the methane that would result from the decomposition and decaying of organic materials from landfills, forest accumulation or composting. Emission of methane creates 20 times more greenhouse gas effect than the CO2 produced during combustion. The process generally results in zero to negative net carbon emissions; carbon released by burning biomass is more than offset by reduced use of fossil fuels, lower release of methane, and the increased growth rate of replacement biomass.
American Consumer Industries sold its majority shareholding in Colmac. American Consumer Industries 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. 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 100 megawatts of biomass generating assets in California. Greenleaf Power has established independent management and recently relocated its corporate headquarters from Illinois to Sacramento, Calif. 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 global private equity firm with offices in Boston, Houston, London, São Paulo, Short Hills, NJ and Singapore. With approximately $4.3 billion of invested and committed capital, Denham makes direct investments in all segments of the energy and commodities value chain including power and renewable, oil and gas, mining and metals investments and energy-related infrastructure and services. The firm invests globally, having made investments in the US, Canada, South America, Europe, Africa, Asia and Australia, and across all parts of the capital structure and all stages of the corporate and asset lifecycle, from development projects to mature, operating businesses. Denham typically targets investments between $50 million and $300 million. For more information about Denham Capital, visit www.denhamcapital.com. Denham Capital does not provide investment advisory services to the public.