Date: February 16, 2011
Source: News Room
Energy Investors Fund (EIF) is acquiring 11 landfill gas-to-energy projects in New York and Vermont. The company, through its Landfill Energy Systems subsidiary, is acquiring Innovative Energy Systems of Oakfield, NY, a privately held firm that owns the projects that have the capacity to generate 72 megawatts of electricity -- enough to power 42,000 homes. Financial terms of the deal were not disclosed. Landfill Energy Systems now has projects producing more than 200 megawatts of energy at 45 landfills in 16 states. Peter Zeliff, founder of Innovative Energy Systems, will maintain a minority ownership interest and become chief operating officer at Landfill Energy Systems. "This merger makes so much sense, we already have similar operating philosophies and corporate cultures," he said. Landfill Energy Systems is equally excited about the merger, and plans to continue its growth through greenfield development and acquisitions of landfill gas-to-energy projects, it said. EIF has had extra cash on hand earned late last year when it sold its share in the Detroit, MI waste-to-energy plant along with co-owner Covanta Energy Corp. to Detroit Renewable Power LLC for $50 million.