Date: March 31, 2011
Source: ReEnergy Holdings LLC
ReEnergy Holdings LLC (Albany, NY) has agreed to acquire the 22-megawatt Lyonsdale Biomass Facility in Lyons Falls, NY from Central Hudson Enterprises Corporation, a subsidiary of CH Energy Group, Inc. (Poughkeepsie, NY). The facility has operated since 1992 and is fueled with sustainably harvested wood. Terms of the deal expected to close in May were not disclosed. ReEnergy already operates a 31-megawatt tire-to-energy plant in Connecticut and recently announced plans to acquire the cogeneration plant at a Maine paper mill. It was formed in 2008 by private equity firm Riverstone Holdings LLC (New York, NY).
PRESS RELEASE
March 31, 2011
ReEnergy Holdings to Acquire New York Biomass-to-Energy Facility
ReEnergy Holdings LLC, an Albany, N.Y.- based renewable energy company, announced today that it has entered into an agreement to acquire the Lyonsdale Biomass Facility in Lyons Falls (Lewis County), N.Y., from Central Hudson Enterprises Corporation, a subsidiary of CH Energy Group, Inc., based in Poughkeepsie, N.Y. The 22-megawatt facility has operated since 1992 and is fueled with sustainably harvested wood. Terms were not being disclosed. The closing is expected in May 2011.
Larry Richardson, Chief Executive Officer of ReEnergy, said: "Our acquisition of the Lyonsdale Facility is consistent with our business strategy of acquiring, owning and managing solid fuel renewable energy facilities. With this acquisition, we look forward to continuing to provide clean, cost-effective renewable energy to homes, schools and businesses across the State of New York."
Tom Beck, ReEnergy's Chief Commercial Officer added, "We are excited with the expansion of ReEnergy's footprint in the regional renewable energy and fuel markets into New York, which complements our existing facilities and pending acquisitions in Connecticut, New Hampshire, and Maine."
This is the second proposed acquisition by ReEnergy in a month. The company announced on March 17th that it signed a definitive agreement to acquire the co-generation assets at the Rumford (ME) Paper Mill from a subsidiary of NewPage Corporation. That transaction is subject to regulatory approvals, with closing expected in the second quarter of 2011.
About ReEnergy Holdings LLC
Based in Latham NY, ReEnergy Holdings LLC is an integrated waste fuel/biomass renewable energy company. ReEnergy was formed in 2008 by Riverstone Holdings LLC and a management team comprised of experienced industry professionals. ReEnergy currently owns and operates a 31-megawatt tire-to-energy facility in Sterling CT, along with two construction and demolition waste and waste wood processing facilities that service the eastern New England/Boston metropolitan area marketplace. To find out more, visit www.reenergyholdings.com.
About Riverstone Holdings LLC
Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six investment funds, including the world's largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $15.7 billion to 76 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
For more information, contact:
ReEnergy Holdings LLC, Larry Richardson, Tom Beck (518) 810-0200
Behan Communications Inc., Mark Behan, (518) 792-3856
PRESS RELEASE
March 31, 2011
CH Energy Group to Divest Lyonsdale Biomass Plant
Sale consistent with strategic plan to focus on core businesses
CH Energy Group, Inc. (CHG) subsidiary Central Hudson Enterprises Corporation has entered into a sale agreement with ReEnergy Holdings LLC, for the Lyonsdale Biomass Facility in Lewis County, N.Y.
"This divestiture is part of a new strategic direction announced late last year, to focus on our core energy delivery businesses," said Steven V. Lant, Chairman of the Board, President and C.E.O. "We are in the process of divesting our renewable energy portfolio, and this transaction is an important step along our new path."
The plant was acquired by CH Energy Group in 2006. Thorndike Landing acted as the exclusive advisor to Central Hudson Enterprises Corporation for this transaction. The closing is expected in May 2011.
About CH Energy Group, Inc.: CH Energy Group, Inc. is predominantly a regulated transmission and distribution utility, headquartered in Poughkeepsie, NY. Central Hudson Gas & Electric Corporation serves approximately 300,000 electric and about 74,000 natural gas customers in eight counties of New York State's Mid-Hudson River Valley, delivering natural gas and electricity in a 2,600-square-mile service territory that extends north from the suburbs of metropolitan New York City to the Capital District at Albany. CH Energy Group also operates Central Hudson Enterprises Corporation (CHEC), a non-regulated subsidiary composed primarily of Griffith Energy Services, which supplies energy products and services to approximately 57,000 customers in the Mid Atlantic Region, as well as several renewable energy investments.
For more information, contact:
Denise VanBuren, (845) 471-8323
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