ReGenerate Energy Holdings, LLC ("ReGenerate"), the recently formed joint venture between Ember Infrastructure ("Ember") and ReEnergy Biomass Operations LLC ("ReEnergy"), has completed the acquisition of Albany Green Energy, a biomass heat-and-power facility located in Albany, Georgia, from a subsidiary of Exelon Generation Company LLC.
The Albany Green Energy facility, also known as "AGE," uses woody biomass from mill residue, forestry waste, recycling and agricultural waste sourced within a 75-mile radius of the facility to provide 50 megawatts ("MW") of electricity to Georgia Power, process steam to the nearby Procter & Gamble paper products facility, and process steam that is used to generate electricity for the nearby U.S. Marine Corps Logistics Base. The facility's 25 employees will join the ReEnergy team.
"We are very pleased to bring Albany Green Energy onto the ReGenerate platform, as we continue to build a best-in-class bioenergy business," said Elena Savostianova, Managing Partner of Ember. "ReGenerate will leverage the deep expertise and experience of the ReEnergy and Ember teams to manage and optimize this important facility."
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With the acquisition, ReGenerate owns 137 MWs of operating biomass power generation across three facilities, including ReEnergy Stratton and ReEnergy Livermore Falls, both located in Maine. ReGenerate plans to continue the expansion of its platform across North America to deliver sustainable bioenergy products to utilities, corporations, and other partners. The Company will utilize ReEnergy's operational capabilities and both teams' experience in acquiring and growing renewable energy platforms.
"We particularly look forward to joining the robust bioeconomy in the state of Georgia, where biomass energy is embraced as a key component of the state's renewable energy portfolio and represents half of its total renewable electricity generation," said Larry Richardson, Chief Executive Officer of ReEnergy Holdings LLC. "In acquiring Albany Green Energy, we are focused on achieving the high level of safety, environmental, and operating performance that we are proud to have achieved at the other facilities in the ReGenerate and ReEnergy portfolios."
Terms of the agreements were not disclosed. Mayer Brown LLP served as legal counsel and Ansonia Partners served as financial advisor to ReGenerate. Nexus PMG served as independent engineering advisor to ReGenerate. McGuireWoods LLP served as legal counsel to Exelon Generation Company.
Source: ReGenerate Energy Holdings, LLC
Date: Jul 1, 2021
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