Gainesville City Commission approves US$750 M biomass acquisition
The Gainesville City has signed an “asset purchase agreement” for the purchase the Gainesville Renewable Energy Center (GREC). The total value of the transaction is US$750 million.
The buyout, which is expected to close November 24, will end the 30-year power purchase agreement between GREC and Gainesville Regional Utilities (GRU), which requires the city to pay US$70 million annually, even if the biomass plant is not being used.
The biomass plant will be paid for using 30-year utility system revenue bonds issued to investors by the city of Gainesville, according the to memorandum of understanding (MOU) between GREC and GRU.
City commissioner David Arreola, said:
“There are good, hardworking people at GRU that have been saddled with this for too long. Where I’m placing my trust is in the people at GRU.”
Gainesville’s Renewable Energy Center, or GREC, uses state-of-the-art pollution control technology. The bubbling fluidized bed (BFB) boiler is highly efficient and operates at lower overall emissions than any other biomass plant in the world.
Country news
-
-
September 14, 2017
Greenwood Energy reaches FC for 26 MW PV portfolio
Greenwood Energy has announced the closing of a US$52.8 million tax equity and debt financing on a portfolio of solar photovoltaic (PV) projects with a combined generating capacity of 26 MW.
Read more -
September 14, 2017
Tenaska Imperial Solar Energy Center West reaches debt refinancing
Tenaska has closed refinancing on its 150 MW Tenaska Imperial Solar Energy Center West project through an issuance of US$400 million of senior secured, long-term notes. The private placement received an investment-grade rating of BBB by Kroll.
Read more -
September 04, 2017
True Green Capital closes third fund reaching hard cap of US$350 M
True Green Capital Management LLC (TGC), an institutional asset manager specializing in distributed power generation, with a current focus on commercial photovoltaic solar, announced it has closed its latest discretionary fund, True Green Capital Fund III, L.P.
Read more -
September 04, 2017
Onyx closes Tax Equity Partnership for 60 MW of PV projects
Onyx Renewable Partners, backed by funds managed by Blackstone Energy Partners and Blackstone Capital Partners, has announced the closing of its third major tax equity partnership for 60 MW of solar PV projects (16 separate projects) across six US states.
Read more -
September 01, 2017
Duke Energy announces plan for 700 MW of solar in Florida
Duke Energy Florida filed a revised settlement agreement with the Florida Public Service Commission (FPSC) which includes plans to add 700 MW of solar capacity.
Read more
