NEW YORK, July 1, 2021 /PRNewswire/ -- 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."
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.
About ReGenerate
Ember and ReEnergy formed ReGenerate in April 2021. ReGenerate is a bioenergy platform, comprised of three operating biomass power generation facilities located in Georgia and Maine, that is focused on growing its asset base and delivering sustainable bioenergy products to its partners.
ReEnergy, founded in 2008, is a wholly owned subsidiary of ReEnergy Holdings LLC, which, in addition to the Maine facilities, owns ReEnergy Black River, a 60-MW biomass power facility located on the U.S. Army's Fort Drum installation near Watertown NY, and ReSource Waste Services LLC, which operates five facilities in New England that recycle construction and demolition waste materials. For more information, please visit www.reenergyholdings.com and www.resourcewasteservices.com
Ember, founded in 2018, is a New York-based private equity firm delivering capital solutions to businesses and assets seeking to reduce carbon intensity and enhance resource efficiency. Ember focuses on equity investments across renewable energy, water, waste, industrials and agricultural infrastructure. For more information, please visit www.ember-infra.com.
CONTACT:
ReEnergy: Sarah Boggess: (518) 810-0200, [email protected]
Ember: Maria Rengifo: (646) 374-4476, [email protected]
SOURCE Ember Infrastructure
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