Pacolet Milliken acquires Piedmont Green Power biomass plant in Georgia
Piedmont is a 55 MW biomass-fired power plant located in Barnesville, Georgia in the US. Piedmont utilises approximately 600,000 tons of woody biomass feedstock annually, 100% of which is wood waste.
It commenced commercial operations in 2013, and sells power to Georgia Power under a long-term power purchase agreement.
Piedmont qualifies as a source of renewable power under federal and state standards and sells renewable energy credits on the open market.
"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," said William Crawford, CEO of Pacolet. "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.
"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, 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 US."