Piedmont utilizes approximately 600,000 tons of woody biomass feedstock annually, 100% of which is wood waste. Piedmont qualifies as a source of renewable power under federal and state standards and sells renewable energy credits on the open market. Piedmont achieved commercial operations in 2013 and sells power to Georgia Power under a long-term power purchase agreement.
"This transaction represents a major milestone in continuing the growth and diversification of Pacolet's Power & Infrastructure portfolio and meets both our financial and ESG goals. Piedmont will be an anchor, long-term asset and we look forward to working with our new employees, partners, and local regulatory authorities to continue Piedmont's success in the City of Barnesville and the State of Georgia," said William Crawford, Chief Executive Officer of Pacolet.
Lance Jordan, Co-Head and Chief Investment Officer of Pacolet Power & Infrastructure also commented, "This transaction establishes a significant foothold in the biomass power space and is an excellent addition to our waste-to-value business segment, which includes a growing renewable natural gas portfolio. We will continue to opportunistically pursue additional waste-to-value investments and projects throughout the U.S."
Jordan continued, "We are also excited to welcome new transaction partners through the Piedmont Green Power acquisition, including specifically Manulife as lender, and see this as a long-term partnership opportunity for both companies."
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