Date: November 16, 2010
Source: ReEnergy Holdings LLC
ReEnergy Holdings to Acquire Connecticut Tire-to-Energy Facility
ReEnergy Holdings LLC, a Latham NY based renewable energy company, announced today that it has entered into an agreement to acquire the Exeter Tire-to-Energy Facility located in Sterling CT from a subsidiary of CMS Enterprises, based in Jackson MI. The 31 MW facility, continuously operated since 1991, is fueled with chipped and whole tires.
"Our acquisition of and subsequent investment in the Exeter Facility is consistent with ReEnergy's strategy of acquiring select energy assets that convert biomass and waste fuels into renewable energy," said Larry Richardson, Chief Executive Officer of ReEnergy Holdings. "As we expand our geographic footprint, we look forward to bringing our focus on safety and environmental stewardship to the State of Connecticut."
With the immediate investment of significant capital in the 20-year-old facility, ReEnergy Holdings intends to continue to improve the facility's efficiency and environmental performance, Richardson said.
According to Tom Beck, ReEnergy's Chief Commercial Officer, "The Exeter Facility has historically met the needs of a large number of tire collection and processing operations throughout the Northeast. We look forward to serving these customers and expanding the customer base with even higher levels of reliability. This operation, combined with our ERRCO and LL&S construction and demolition debris processing facilities in southern New Hampshire, will allow us to provide a broader array of services in the Northeast."
The acquisition is subject to regulatory approvals from FERC and the Connecticut Department of Environmental Protection. Terms are not being disclosed. Closing is expected in late December.
About ReEnergy Holdings LLC
Based in Latham NY, ReEnergy Holdings LLC was formed in 2008 by Riverstone Holdings LLC and a management team comprised of experienced industry professionals. ReEnergy is in the process of building an integrated waste fuel/biomass renewable energy company in the U.S. ReEnergy currently owns and operates two large construction and demolition wastes and waste wood processing facilities that service the eastern New England/Boston metropolitan area marketplace.
About Riverstone Holdings LLC
Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six investment funds, including the world's largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the renewable energy, power generation and other sectors of the energy industry.
For more information, contact:
Larry Richardson, Tom Beck