ReEnergy Holdings Completes Acquisition of Biomass-to-Energy Facilities in Maine and New York from Boralex Inc.
ALBANY, NY – December 20, 2011 — ReEnergy Holdings LLC, an Albany, NY-based renewable energy company, has acquired a portfolio of five U.S. biomass energy-production facilities in Maine and New York from Quebec-based Boralex Inc., for approximately $88 million.
You can see the list of ReEnergy’s energy-production facilities here.
In November, ReEnergy announced it had reached an agreement with Boralex for the acquisition. The sale closed today.
“We are very excited to complete the acquisition of Boralex’s facilities and we welcome their loyal employees to our ReEnergy team. We are also pleased to become a corporate citizen of Maine, where the biomass industry is one of the backbones of the state’s economy,” said Larry Richardson, ReEnergy’s Chief Executive Officer.
The newly acquired facilities in Maine are ReEnergy Ashland (a 40-megawatt facility), ReEnergy Fort Fairfield (36 megawatts), ReEnergy Livermore Falls (40 megawatts) and ReEnergy Stratton (50 megawatts). The facilities rely principally on forest residue to produce renewable energy.
Tom Beck, ReEnergy’s Chief Commercial Officer, said, “We look forward to being an exemplary corporate citizen in these five communities. As we carry out our strategy of building an integrated renewable energy company in the U.S., we are creating economic opportunity, generating clean, reliable, cost-effective renewable energy, and providing it to the communities and businesses in these regions.”
Inclusive of this acquisition, ReEnergy will employ approximately 260 employees in four states, and operate a total energy portfolio of 240 megawatts.
About ReEnergy Holdings LLC
ReEnergy Holdings LLC, a portfolio company of Riverstone Holdings LLC, owns and operates facilities that use biomass and waste residues to produce renewable thermal and electric energy. ReEnergy was formed in 2008 by Riverstone Holdings LLC and a management/co-investor team comprised of experienced industry professionals. In addition to the facilities acquired today, ReEnergy owns and operates a 22-megawatt biomass facility in Lyons Falls, NY (ReEnergy Lyonsdale); a 31-megawatt tire-to-energy facility in Sterling, CT (ReEnergy Sterling); and two construction and demolition waste and waste wood processing facilities that service the eastern New England/Boston metropolitan area marketplace (ReEnergy Gateway/LL&S in Salem, NH, and ReEnergy Gateway/ERRCO in Epping, NH).