Greenbacker acquires Eagle Valley Clean Energy Biomass Project in Colorado

Energy acquisition news : Greenbacker Renewable Energy has acquired the 12MW Eagle Valley Clean Energy Biomass Project in Gypsum, Colorado for an undisclosed price.

The Eagle Valley Clean Energy Biomass facility produces power from the combustion of waste wood.

Under a long- term contract, the Colorado biomass power plant sells all the power it generates to Holy Cross Energy, a not-for-profit rural electric cooperative that supplies electricity to more than 55,000 members.

Greenbacker Renewable Energy said that the acquisition ends various legal disputes between the Eagle Valley Clean Energy Biomass Project and third parties. It also returns the Colorado biomass power plant into good standing with all contract counterparties, a critical feature of the deal, said Greenbacker Renewable Energy.

The company plans to use the present operations and maintenance team of the biomass plant to continue operating it.

Greenbacker acquires Eagle Valley Clean Energy Biomass Project in Colorado. Image by Free-Photos from Pixabay.

Charles Wheeler – CEO of Greenbacker said: “Eagle Valley showcases Greenbacker’s proven ability to source unique transactions which we believe will provide compelling and predictable returns to investors over the long term while also producing measurable environmental impact.

“Besides providing renewable energy to the Western Slope of Colorado, this facility is a piece of the U.S. Forest Service’s initiative for the disposal of pine beetle infested wood from the local forests helping to reduce the risk of catastrophic wildfire in the area.”

Following the acquisition of the Eagle Valley Clean Energy Biomass Project, Greenbacker Renewable Energy now owns almost 366.3MW of generating capacity, made up of 61.5MW of wind facilities, 292.8MW of commercial and residential solar facilities and 12MW of biomass facilities.