Pacolet Milliken Acquires Piedmont Green Power to Grow its Sustainable Power and Infrastructure Portfolio

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Jan 09, 2024, 13:06 ET

GREENVILLE, S.C., Jan. 9, 2024 /PRNewswire/ -- Pacolet Milliken, LLC ("Pacolet"), a sustainability-focused, family-owned investment firm, announced today it has acquired 100% of Piedmont Green Power ("Piedmont") from an affiliate of Atlantic Power & Utilities. Piedmont is a 55 MW biomass-fired power plant located in Barnesville, GA. The terms of the transaction were not disclosed. Financing was provided by Manulife through its corporate finance team.

Piedmont utilizes approximately 600,000 tons of woody biomass feedstock annually, 100% of which is wood waste. Piedmont qualifies as a source of renewable power under federal and state standards and sells renewable energy credits on the open market. Piedmont achieved commercial operations in 2013 and sells power to Georgia Power under a long-term power purchase agreement.

"This transaction represents a major milestone in continuing the growth and diversification of Pacolet's Power & Infrastructure portfolio and meets both our financial and ESG goals. Piedmont will be an anchor, long-term asset and we look forward to working with our new employees, partners, and local regulatory authorities to continue Piedmont's success in the City of Barnesville and the State of Georgia," said William Crawford, Chief Executive Officer of Pacolet. "We believe that Piedmont is a market-leading biomass power plant in terms of safety, sustainability and operating efficiency, and we expect to maintain that reputation."

Lance Jordan, Co-Head and Chief Investment Officer of Pacolet Power & Infrastructure also commented, "we continue to see opportunities in today's energy environment to acquire high quality assets that meet our sustainability goals and enhance shareholder value. This transaction establishes a significant foothold in the biomass power space and is an excellent addition to our waste-to-value business segment, which includes a growing renewable natural gas portfolio. We will continue to opportunistically pursue additional waste-to-value investments and projects throughout the U.S."

Mr. Jordan continued, "we are also excited to welcome new transaction partners through the Piedmont Green Power acquisition, including specifically Manulife as lender, and see this as a long-term partnership opportunity for both companies."

"We view this investment as an opportunity to continue to grow Manulife's renewables lending platform and support decarbonization while also creating a strong relationship with Pacolet, a partner that shares the interest and optimism we see in alternative energy sources," said John Anderson, Global Head Corporate Finance & Infrastructure at Manulife.

Vinson & Elkins served as legal advisor and Genesis Capital acted as debt financing arranger for Pacolet on the transaction.

About PACOLET MILLIKEN

Headquartered in Greenville, SC., Pacolet is a family-owned investment firm that owns and manages a diverse set of power & infrastructure and real estate assets located across the United States. Pacolet Power & Infrastructure owns a diverse set of power, renewables and infrastructure assets, including a regulated electric portfolio, an industrial utilities company and a substantial solar and landfill gas portfolio. Pacolet Real Estate has a national portfolio of industrial, multi-family, office, and retail properties, and currently focuses on multi-family and industrial warehouse development in the Southeast, the Southwest and Southern California. In both Divisions, Pacolet seeks to positively impact the communities in which it operates and be a steward of the environment from a generational perspective.

https://www.pacoletmilliken.com

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

SOURCE Pacolet Milliken LLC