May 3 (Renewables Now) - New York-based Greenbacker Renewable Energy Company LLC has acquired a 12-MW biomass power plant in Colorado for an undisclosed sum.
More specifically, the renewables investor has bought the Eagle Valley Clean Energy (EVCE) facility in Gypsum that generates power from the combustion of waste wood. The plant sells all of its output to not-for-profit rural electric cooperative Holy Cross Energy under a long-term contract.
Greenbacker noted that this transaction definitively concludes a number of legal disputes between the plant and third parties. It is also the first purchase made by the company in the field of biomass power generation. Its existing portfolio includes 61.5 MW of wind farms and 292.8 MW of commercial and residential solar facilities, including plants that are yet to be built.
“Besides providing renewable energy to the Western Slope of Colorado, this facility is a piece of the US 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,” Greenbacker CEO Charles Wheeler commented.