BiomassÂ power plant operatorÂ Greenleaf Power has agreed to purchase aÂ renewable energy power plant in Plainfield, Conn. from Leidos (NYSE: LDOS) for an undisclosed sum, nearly one-and-a-halfÂ years after Leidos took ownership and operational responsibility of the facility.
Greenleaf Power expects to complete the purchase of Plainfield Renewable EnergyÂ later this year and the transactionÂ represents itsÂ sixth acquisition in North America and second on the East Coast, the companyÂ said Wednesday.
The plantÂ is built to generateÂ 37.5 megawatts of electricity for up to 280, 000 homes, uses clean biomass as its fuel and sells its electrical output to Connecticut Light and Power under a long-term offtake agreement.
âPlainfield Renewable Energy will add to our portfolio of biomass plants and increase our total renewable energy capacity to more than 180 megawatts, âÂ said Hugh Smith, president of Greenleaf Power, which is majority owned by energy sector private equity firm Dunham Capital.
Greenleaf Power, whichÂ owns facilities inÂ California and Canada, invests in projects toÂ gather biomass that would otherwise be openly burned or landfilledÂ and converts it toÂ renewable energy.