ReEnergy Holdings to Acquire New York Biomass-to-Energy Facility
ALBANY, N.Y. — March 31, 2011 — ReEnergy Holdings LLC, an Albany, N.Y.- based renewable energy company, announced today that it has entered into an agreement to acquire the Lyonsdale Biomass Facility in Lyons Falls (Lewis County), N.Y., from Central Hudson Enterprises Corporation, a subsidiary of CH Energy Group, Inc., based in Poughkeepsie, N.Y. The 22-megawatt facility has operated since 1992 and is fueled with sustainably harvested wood. Terms were not being disclosed. The closing is expected in May 2011.
Larry Richardson, Chief Executive Officer of ReEnergy, said: “Our acquisition of the Lyonsdale Facility is consistent with our business strategy of acquiring, owning and managing solid fuel renewable energy facilities. With this acquisition, we look forward to continuing to provide clean, cost-effective renewable energy to homes, schools and businesses across the State of New York.”
Tom Beck, ReEnergy’s Chief Commercial Officer added, “We are excited with the expansion of ReEnergy’s footprint in the regional renewable energy and fuel markets into New York, which complements our existing facilities and pending acquisitions in Connecticut, New Hampshire, and Maine.”
This is the second proposed acquisition by ReEnergy in a month. The company announced on March 17th that it signed a definitive agreement to acquire the co-generation assets at the Rumford (ME) Paper Mill from a subsidiary of NewPage Corporation. That transaction is subject to regulatory approvals, with closing expected in the second quarter of 2011.
About ReEnergy Holdings LLC
Based in Latham, NY, ReEnergy Holdings LLC is an integrated waste fuel/biomass renewable energy company. ReEnergy was formed in 2008 by Riverstone Holdings LLC and a management team comprised of experienced industry professionals. ReEnergy currently owns and operates a 31-megawatt tire-to-energy facility in Sterling CT, along with two construction and demolition waste and waste wood processing facilities that service the eastern New England/Boston metropolitan area marketplace.
About Riverstone Holdings LLC
Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six 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 $15.7 billion to 76 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.