On Thursday, the recently formed joint venture between Ember Infrastructure and ReEnergy Biomass Operations LLC, ReGenerate Energy Holdings, LLC, announced it completed the acquisition of Albany Green Energy. Accordingly, the company will add a biomass heat-and-power facility located in Albany, Georgia. Indeed, the addition is from a subsidiary of Exelon Generation Company LLC.
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About the Albany Green Facility
Worth noting, the Albany Green Energy facility, also known as “AGE,” uses woody biomass from mill residue, forestry waste, recycling, and agricultural waste. Accordingly, the asset provides 50MW of electricity to Georgia Power; it also processes steam to the nearby Procter & Gamble paper products facility; lastly, it processes steam to generate electricity for the nearby U.S. Marine Corps Logistics Base.
As the Ember Infrastructure noted, the facility’s 25 employees will join the ReEnergy team.
In this sense, Elena Savostianova, Managing Partner of Ember, said; “We are very pleased to bring Albany Green Energy onto the ReGenerate platform, as we continue to build a best-in-class bioenergy business.”
Hence, “ReGenerate will leverage the deep expertise and experience of the ReEnergy and Ember teams;” continued Savostianova. Particularly “to manage and optimize this important facility.”
Moreover, with the acquisition, ReGenerate currently owns 137MW of operating biomass power generation across three facilities; for instance, including ReEnergy Stratton and ReEnergy Livermore Falls, both in Maine.
Reception in ReGenerate
Also, ReGenerate said in a media release that it plans to continue expanding its platform across North America; particularly, to deliver sustainable bioenergy products to utilities, corporations, and other partners.
Accordingly, the Company will utilize ReEnergy’s operational capabilities and both teams’ experience in acquiring and growing renewable energy platforms.
Therefore, Larry Richardson, Chief Executive Officer of ReEnergy Holdings LLC, said; “We particularly look forward to joining the robust bioeconomy in the state of Georgia; indeed, where biomass energy is embraced as a key component of the state’s renewable energy portfolio. It also represents half of its total renewable electricity generation.”
Thus, “in acquiring Albany Green Energy, we are focused on achieving the high level of safety, environmental, and operating performance;” continued Richardson. Moreover, “we are proud to have achieved at the other facilities in the ReGenerate and ReEnergy portfolios.”
Finally, the terms of the agreements were not disclosed. However, Mayer Brown LLP served as legal counsel, and Ansonia Partners served as financial advisor to ReGenerate. On the other hand, Nexus PMG served as an independent engineering advisor to ReGenerate. Lastly, McGuireWoods LLP served as legal counsel to Exelon Generation Company.