A 37.5MW biomass plant bought out of foreclosure by a Virginia-based financier has been brought online and is feeding power into the electricity grid of Connecticut, US.
On 6 January Leidos Holdings, an engineering, national security and health solutions company which acquired the Plainfield Renewable Energy biomass power plant in October 2013, announced the project reached 'substantial completion' at the end of December under the terms of the facility's EPC contract.
Leidos invested in the plant after reaching an agreement with New Jersey-based Enova Energy Group. Enova, the original owner of the plant, failed to complete construction of the $225 million (€164 million) facility.
Connecticut Light & Power will purchase 80% of the power from the plant based on a 15-year off-take agreement. Energy deliveries to regional grid administrator ISO New England have already begun.
The Plainfield plant helps Connecticut reach its renewable energy goals by providing in-state Class I power. The facility powers the equivalent of 37,000 homes using a variety of fuel sources, including wood from construction and demolition debris, recycling wood pallets and land clearing materials.
Leidos will operate the plant and in a statement said it will begin marketing efforts to sell the facility to renewable power plant investors in an effort to increase the value of the investment for shareholders.
'The Plainfield Renewable Energy project is a unique power plant that creates a beneficial reuse for construction debris by turning it into energy. We're excited to have this important facility up and running to deliver renewable energy to the residents of Connecticut and New England for years to come,' says John Jumper, Leidos chairman and CEO.