Greenleaf Power, which is backed by Denham Capital, said Monday has bought the Tracy Biomass Plant. Financial terms weren’t announced. Tracy Biomass, of Tracy, Calif., generates 19 megawatts of electricity. US Renewables Group was the seller.
SACRAMENTO, Calif.–(BUSINESS WIRE)–Greenleaf Power, an owner and operator of green energy power plants and a portfolio company of Denham Capital, announced today that it has finalized the purchase of the Tracy Biomass Plant located in Tracy, Calif., approximately 45 miles east of Oakland.
Tracy Biomass is Greenleaf Power’s fourth California biomass plant. Greenleaf Power owns and operates the 47-megawatt Desert View plant in Mecca, Calif., 30-megawatt Honey Lake plant in Wendel, Calif. and 28-megawatt Eel River plant in Scotia, Calif.
“With the addition of the Tracy facility, Greenleaf Power has more than 120 megawatts of baseload renewable power, and operates these facilities to maximize efficiencies across its platform,” said Hugh Smith, president of Greenleaf Power.
The Tracy facility generates 19 megawatts of electricity, which is capable of providing baseload renewable energy for as many as 19,000 homes in Northern California. The biomass facility is one of the closest to Oakland and the Silicon Valley and sells its electrical output to Pacific Gas & Electric under a long-term agreement.
Greenleaf Power is focused on investing in and developing projects that gather biomass that would otherwise be openly burned or landfilled and converting it to renewable energy. Greenleaf Power’s experienced team of clean energy professionals optimizes the profitability, efficiency and output of its plants by undertaking operational improvements, fuel procurement initiatives and revenue enhancements.
“Biomass energy is one of the few renewable technologies that provides baseload renewable energy,” said Hugh Smith. “While most other renewable sources are intermittent, biomass provides reliable predictable power under all conditions throughout the year.”
Greenleaf Power purchased the Tracy facility from US Renewables Group, which operated the Tracy plant since 2007. Financial terms of the transaction were not disclosed.
About Greenleaf Power
Greenleaf Power acquires, develops, owns and operates power projects that utilize residual biomass as fuel. Greenleaf Power currently owns and operates more than 120 megawatts of biomass generating assets in California. With its corporate headquarters located in Sacramento, Calif. Greenleaf Power directly employs over 120 Californians and supports approximately 480 full-time Californians dedicated to supplying the facilities’ fuel requirements. Greenleaf Power is backed by Denham Capital, a leading global energy-focused private equity firm. For more information about Greenleaf Power, visit www.greenleaf-power.com.
About Denham Capital
Denham Capital is a leading energy-focused global private equity firm, advising funds with approximately $7.3 billion of invested and committed capital. Denham Capital makes direct investments in the energy and resources sectors, including businesses involving renewable and thermal power generation, oil and gas, and metals and minerals. From offices in Boston, Houston, Short Hills (New Jersey), London, Sao Paulo and Perth, Denham invests globally, with investments currently in the United States, Canada, South America, South Africa, Australia, Europe and Asia. Denham invests across all stages of the corporate lifecycle, from exploration and development projects to mature, operating businesses, and all segments of the capital structure. For more information about Denham Capital, visit www.denhamcapital.com.