Greenbacker Renewable Energy Co. has acquired the 12.0-megawatt Eagle Valley Clean Energy (EVCE) Biomass Project. Terms were not disclosed.
The Eagle Valley Clean Energy Biomass facility is a Gypsum, Colo.–based power plant that generates electricity from the combustion of waste wood. The plant sells 100 percent of its generated energy under a long- term contract with Holy Cross Energy, a not-for-profit Rural Electric Cooperative providing electricity to more than 55,000 members. Additionally, the transaction definitively concludes several legal disputes that had arisen between the plant and third parties and returns the plant into good standing with all contract counterparties, a critical feature of the transaction.
“While this is our first biomass facility to date, it is a well-established facility with a successful operating history,” said Charles Wheeler, CEO of Greenbacker. “We plan to continue this success by utilizing the facility’s current operations and maintenance team to operate the plant, a team which has managed the facility on a profitable basis since inception. Eagle Valley showcases Greenbacker’s proven ability to source unique transactions, which we believe will provide compelling and predictable returns to investors over the long term while also producing measurable environmental impact. Besides providing renewable energy to the Western Slope of Colorado, this facility is a piece of the U.S. Forest Service’s initiative for the disposal of pine beetle–infested wood from the local forests, helping to reduce the risk of catastrophic wildfire in the area.”
With the addition of this biomass facility, the company now owns approximately 366.3 megawatts of generating capacity comprising 61.5 megawatts of wind facilities, 292.8 megawatts of commercial and residential solar facilities and 12 megawatts of biomass facilities.