US investment firm Pacolet Milliken has acquired Georgia Renewable Power (GRP), adding 116 MW of biomass generating capacity across two woody biomass power plants in northeast Georgia.
The deal, financed by Manulife, roughly triples the size of Pacolet's biomass platform. The family-owned firm entered the sector in 2024 with the acquisition of Piedmont Green Power, a 55 MW biomass plant in Barnesville, Georgia, and now operates three biomass facilities in the state. Financial terms were not disclosed.
The two GRP plants, in Franklin County and Madison County, sell their output to Georgia Power under long-term power purchase agreements. Both facilities are fuelled by woody biomass, qualify as renewable power sources under federal and state standards, and sell renewable energy credits on the open market.
William Crawford, chief executive of Pacolet, said: "Franklin and Madison are modern, efficient facilities that complement PGP well. We look forward to working with our partners and regulatory authorities to continue the plants' success, as well as ensuring the plants have a positive impact on their respective communities."
Lance Jordan, co-head and chief investment officer of Pacolet Power and Infrastructure, said the acquisition created "meaningful operational synergies" from running three facilities in the same state.
He added: "Going forward, we continue to see compelling opportunities to acquire high-quality assets that meet our sustainability and financial goals. We remain focused on pursuing additional renewables investments throughout the US."
