Leidos to Take Over Connecticut Biomass Project; John Jumper Comments

LeidosLogoLeidos Holdings (NYSE: LDOS) has agreed to take full control of a biomass power plant being built in Plainfield, Conn. through a consensual foreclosure process.

The 37.5-megawatt facility is expected to generate electricity for 37, 000 households and is scheduled for completion by the end of this year and was announced last January, Leidos said Tuesday.

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“We’ve reached this agreement in an effort to maximize the value of our investment for our shareholders, ” said John Jumper, Leidos chairman and CEO.

He added that the Plainfield facility is one of the only Class 1 biomass plants in the state of Connecticut.

Leidos is acting as a secured lender and intends to assume ownership of the project company after receiving all necessary governmental approvals later this year.

The project secured an off-take deal to supply power to Connecticut Light & Power over 15 years.

Leidos says it will operate the biomass plant, seek tax incentives from the state and launch marketing campaigns to attract renewable energy investors.

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