Greenleaf Power, backed by Denham Capital, has secured $36.7 million (€30.1 million) from East West Bank in biomass project funding.
The financing for Greenleaf Power’s project was secured through its wholly-owned subsidiary, Greenleaf Biomass Holdings, and marks one of the largest biomass power project financings in North American history.
The funds will be used to recapitalise two of Greenleaf’s prime assets – the 30 MW Honey lake Power project in Lassen County, California, and the 22 MW St-Félicien Cogénération project in Quebec, Canada. Both are power generation facilities that convert woody biomass waste into electricity that is sold under long-term power purchase agreements to San Diego Gas & Electric and Hydro-Quebec, respectively.
Greenleaf is also developing battery storage at sites adjacent to its biomass power facilities to increase the supply of renewable power during periods of peak demand, and improve grid stability.
“Biomass technologies, such as those being used by Greenleaf Power, will play a critical role in decarbonising our energy system,” said Justin DeAngelis, partner at Denham Capital.
“Denham, through our ownership of Greenleaf, is well-positioned to deliver the renewable energy needed to power North America’s energy transition.”
Christopher Simeone, senior vice-president at East West Bank, commented: “We’ve known Greenleaf for a few years, and we’ve been impressed with their platform.
“This is a significant biomass financing project that adds to our portfolio in California and Canada. We also had the opportunity to provide a full range of services to support Greenleaf.”