Biomass power plant operator Greenleaf Power has agreed to purchase a renewable energy power plant in Plainfield, Conn. from Leidos (NYSE: LDOS) for an undisclosed sum, nearly one-and-a-half years after Leidos took ownership and operational responsibility of the facility.
Greenleaf Power expects to complete the purchase of Plainfield Renewable Energy later this year and the transaction represents its sixth acquisition in North America and second on the East Coast, the company said Wednesday.
The plant is built to generate 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.
“Plainfield Renewable Energy will add to our portfolio of biomass plants and increase our total renewable energy capacity to more than 180 megawatts, ” said Hugh Smith, president of Greenleaf Power, which is majority owned by energy sector private equity firm Dunham Capital.
Greenleaf Power, which owns facilities in California and Canada, invests in projects to gather biomass that would otherwise be openly burned or landfilled and converts it to renewable energy.