FOR RELEASE: April 28, 2021
ReEnergy: Sarah Boggess: (518) 810-0200, email@example.com
Ember: Maria Rengifo: (646) 374-4476, firstname.lastname@example.org
ReEnergy and Ember Infrastructure to Form Bioenergy Platform Joint Venture
ReEnergy Biomass Operations LLC (“ReEnergy”) and Ember Infrastructure (“Ember”) today announced plans to enter into a joint venture to create an industry-leading bioenergy platform. The company will be named ReGenerate Energy (the “Company”) and will be led by experienced team members from ReEnergy and Ember. The Company will acquire an ownership interest in ReEnergy’s two biomass power plants in Maine,ReEnergy Stratton and ReEnergy Livermore Falls, and will look to expand the platform through the acquisition of additional bioenergy assets across North America.
The Company will leverage ReEnergy’s operational capabilities and both teams’ experience in acquiring and growing renewable energy platforms as it pursues a robust pipeline of acquisition targets. ReEnergy will continue operating the Maine facilities as well as the other assets added to the Company, and the Maine facilities will continue to use the ReEnergy name.
Larry D. Richardson, Chief Executive Officer of ReEnergy Holdings and one of its co-founders, said: “This is an exciting time in the history of ReEnergy. With the combination of Ember’s capital and experience in the energy industry, and ReEnergy’s expertise in the bioenergy sector, we look forward to a period of new growth and innovation.”
Elena Savostianova, Managing Partner of Ember said: “We are thrilled to partner with ReEnergy, given the team’s track record of best-in-class operations as we build out the platform and capitalize on compelling opportunities we see in the bioenergy sector as demand grows for resource efficient, carbon-neutral base-load power generation.”
The transaction is expected to close this summer; terms of the agreement were not disclosed.
Whiteman Osterman & Hanna LLP served as legal counsel to ReEnergy. Mayer Brown LLP served as legal counsel to Ember.
ReEnergy Biomass Operations LLC is a wholly owned subsidiary of ReEnergy Holdings LLC, which was formed in 2008 by a senior management team comprised of experienced industry professionals along with an energy-sector focused private equity fund. In 2019, the management team completed a buyout of this fund’s ownership interest. ReEnergy Holdings LLC also owns ReEnergy Black River, a 60-MW biomass power facility located on the Fort Drum U.S. Army installation near Watertown NY, and ReSource Waste Services LLC, which operates five facilities in New England that recycle construction and demolition waste materials. ReEnergy’s bioenergy facilities transform forest-derived, sustainably harvested woody biomass and other wood waste residues to produce renewable clean energy. This benefits the environment by enhancing forest health and reducing the use of fossil fuels.
The 48-MW ReEnergy Stratton and 39-MW ReEnergy Livermore Falls facilities support approximately 50 direct jobs, more than 300 indirect jobs, spend more than $30 million annually and purchase more than 700,000 tons of fuel each year from Maine loggers/truckers and mills.
Founded in 2018, Ember is a New York-based private equity firm delivering capital solutions to businesses and assets seeking to reduce carbon intensity and enhance resource efficiency. Ember focuses on equity investments across renewable energy, water, waste, industrials and agricultural infrastructure. For more information, please visit www.ember-infra.com.