ReEnergy Holdings Assumes Management of North Carolina Biomass-to-Energy Facility
Albany, N.Y. – ReEnergy Holdings LLC, an Albany, New York-based renewable energy company, has assumed the management of Coastal Carolina Clean Power, LLC (“CCCP”), a 28-megawatt biomass-to-energy facility in Kenansville, North Carolina.
ReEnergy has been retained by the facility owner, Riverstone Holdings LLC, to provide operations and maintenance oversight and asset management services for the CCCP facility under an Asset Management Agreement with CCCP that took effect on November 1, 2012. ReEnergy was formed in 2008 by affiliates of Riverstone Holdings LLC.
Originally a coal-fired cogeneration plant, CCCP was retrofitted to use biomass as its primary fuel and began commercial operation as a biomass-to-energy facility in 2009. At that time, CCCP became the first facility in North Carolina certified to sell renewable energy credits under the North Carolina Renewable Portfolio Standard for both biomass-derived electricity and steam.
ReEnergy is one of the largest biomass-to-energy companies in the U.S., owning and operating eight energy production facilities totaling 300 MW of installed capacity in Maine, New York, and Connecticut. This is the first instance in which ReEnergy will provide contract operations at a facility owned by a third party.
“ReEnergy has assembled a team that, collectively, enjoys hundreds of years of exemplary experience in managing solid fuel renewable energy facilities. We are pleased to put our expertise to work in managing and optimizing the operations of the Coastal Carolina Clean Power facility,” said Larry Richardson, chief executive of ReEnergy Holdings. “We also look forward to being a positive corporate citizen, and building a partnership with the town, county, and state of North Carolina.”
Tom Beck, ReEnergy’s Chief Commercial Officer, said “Coastal Carolina Clean Power has a significant economic impact in Duplin County and surrounding areas. CCCP employs 26 individuals, but it also supports indirect jobs that are associated with the gathering of the biomass fuel supply and other local goods and services that are purchased by the facility. We are pleased to be working with these employees and contributing to the local economy through many of the facility’s strong business relationships.”
About ReEnergy Holdings LLC
ReEnergy Holdings LLC, a portfolio company of Riverstone Holdings LLC, owns and operates facilities that use forest-derived woody biomass and other wood waste residues to produce homegrown, renewable energy. It also owns facilities that recycle construction and demolition debris. ReEnergy was formed in 2008 by affiliates of Riverstone Holdings LLC and a senior management/co-investor team comprised of experienced industry professionals. ReEnergy operates in six states, employs approximately 290 people, and owns eight energy production facilities with the combined capacity to generate 300 megawatts of energy.
About Riverstone Holdings LLC
Riverstone Holdings is an energy- and power-focused private equity firm founded in 2000 with approximately $23 billion of equity capital raised across seven investment funds, including the world’s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $19.9 billion to 92 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.