ReEnergy Purchase Boralex for $93 million

ReEnergy Holdings LLC, Albany, NY, has entered into an agreement to acquire a portfolio of five U.S. biomass energy-production facilities in Maine and New York from Quebec-based Boralex Inc.

The facilities to be acquired include: a 40-megawatt facility in Ashland, ME; a 36-megawatt facility in Fort Fairfield, ME; a 40-megawatt facility in Livermore Falls, ME; a 50-megawatt facility in Stratton, ME and a 20-megawatt facility in Chateaugay, NY. The facilities rely principally on forest residue to create renewable energy.

With this acquisition, ReEnergy will grow to approximately 260 employees in four states, and its total energy portfolio will expand to 240 megawatts. The company also has two mixed C&D recycling plants in new Hampshire, LLS and ERRCO.

Larry Richardson, CEO, said: “This acquisition is a significant step in our strategy to build an integrated solid fuel renewable energy facilities company in the U.S. We look forward to becoming corporate citizens in four communities in Maine and another community in the North Country of New York, and continuing to provide economic opportunity and clean, reliable, cost-effective renewable energy to those regions.”

Tom Beck, ReEnergy’s chief commercial officer, said: “These facilities will complement our existing portfolio, provide a strong platform for future growth, and help us to forge stronger relationships with the harvesters in our communities who provide fuel for energy.”

The purchase price for the portfolio is approximately $93 million.

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