Renewable Energy Llc – MORRISTOWN, Calif., August 8, 2017 // – Eagle Creek Renewable Energy has completed the acquisition of approximately 30 megawatts of hydroelectric capacity from Madison Paper Industries, a partnership between UPM and North SC Paper Co., New York. Time Corporation The transaction closed on July 31, 2017.
Eagle Creek acquired the 9 MW Anson and 19 MW Abenaki facilities located on the Kennebec River in Madison, Anson and Starks, Maine. The two facilities are located at the Madison Paper mills and previously provided power to the mill until it was shut down in May 2016. As an independent facility owned by Eagle Creek, they now provide approximately 150 million kWh of clean and renewable energy annually. to New England Electric.
Eagle Creek is also acquiring a minority interest in the 4-megawatt Brasseau facility near the town of Rockwood, Maine, and an interest in Kennebec Hydro, which supplies water from reservoirs downstream of the Kennebec River.
“We are very excited to add this great facility to our portfolio,” said Bud Cherry, CEO of Eagle Creek. Along with our other recent acquisitions of Maine, Anson and Abinaki, it positions us as a more centralized, regional operation. “More work is needed to ensure the continued safe and reliable operation of these facilities.”
Eagle Creek was founded in 2010 to acquire, develop and operate small and medium hydroelectric facilities. Its portfolio includes approximately 220 megawatts of generation from sixty-four facilities in 13 states. These facilities generate more than 920 million kWh of safe, clean, renewable energy each year for customers across the United States, while providing recreational opportunities and protecting historic facilities and the environment. Eagle Creek also owns approximately 10 megawatts in 13 other hydroelectric facilities and two solar facilities in New England.
Eagle Creek is a privately held facility, with the largest investors being Power Energy Eagle Creek (“PEEC”) and Hudson Clean Energy Partners. PEEC is a joint venture of Claridge Corporation, a subsidiary of Canadian Electric Corporation, with headquarters in Eagle Creek, Morristown, New Jersey. Learn more about Eagle Creek at www.eaglecreekre.com
Madison Paper Industries is a partnership between UPM and Northern SC Paper Co., a subsidiary of The New York Times.
UPM Paper ENA (Europe and North America) is a global producer of graphic paper, with a wide range of products for retail and publishing, as well as home and office use. UPM’s high-performance paper and service concepts add value to clients’ businesses while proactively meeting demanding environmental and social responsibility standards. Headquartered in Germany, UPM Paper ENA employs approximately 8,000 people. Learn more about UPM Paper ENA and its products at www.upmpaper.com
By renewing bio and trees, UPM is building a sustainable future in six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Paper ENA and UPM Plywood. UPM products are made from renewable raw materials and can be recycled. UPM serves its clients worldwide. The group employs approximately 19,300 people and has annual sales of approximately €10 billion. UPM Communities is listed on NASDAQ OMX Helsinki. UPM – Biofort Inc. – www.upm.com Renewable energy group Control has acquired a biodiesel processing plant (center) and terminal operations in Grays Harbor near Huqua, Washington. (Photo: Business Wire)
AMES, Iowa–( NEUS WIRE )– Renewable Energy (NASDAQ: REGI) and Control Renewables announced Friday that they have entered into a purchase agreement in which REG will acquire all of Control’s assets. 100-million-gallon nominal capacity coal-based diesel refinery and deep-sea terminal at Port Graceport, Washington.
Under the terms of the agreement, REG will pay the Government $15 million in cash and exchange 1.5 million shares of REG common stock for all of the Government’s assets. In addition to this payment, REG will pay $1.75 million in cash or 175,000 shares to close the REG option. Two years after the shutdown, the government can get a $0.05/gallon rebate for diesel fuel produced and sold. By closing, the government will retain an equity value of approximately $25 million. REG also underwrote the government’s $5.2 million loan from Umpqua Bank, which agreed to provide REG Grays Harbor, LLC with an additional $5 million in loan funds to support capital expenditures and improvements to the Grays Harbor Facility. The closure satisfies the extraordinary closure condition.
REG President and CEO Daniel J. “Bringing the government’s assets and their team to the REG network is a huge addition to our business,” said Oh. “Joining our companies on the West Coast Reg will reach, with manufacturing and distribution. We sell these markets, while the demand for cleaner, more advanced biofuels through low carbon fuel standards. REGI’s more efficient and timely delivery. We look forward to working with the experienced staff of the Empire and maintaining the planting operations in Port of Grace and to become an active member of the community working with Port Grace and the cities of Hoquiam and Aberdeen.
“REG’s growth over the past eight years has made them an industry leader, and our facility will greatly expand our domestic biodiesel production footprint and ensure continued success.” John Plaza is president and CEO of Imperium Renewables. “We hope our tools will help grow and diversify local and regional biofuel production and marketing.”
Any Bank officials received the deal. “We are pleased to lead the acquisition of the government and to undertake a long-term business here,” said Daniel Burd, Executive Vice President and Regional Director of Umpqua Bank. “We’ve had a great relationship with Empire over the past few years and look forward to continuing that as a lender to REG Grays Harbor.”
Based in Ames, Iowa, REG is the leading diesel fuel producer and marketer in North America, with 10 active fuel plants throughout the United States and nationwide production, distribution and logistics.
Seattle-based Control Renewables began developing a proprietary technology and process for biodiesel production in 2004. The Port Grace Refinery, which began operation in August 2007 in Hokum, Washington, is ideally suited for the production, storage and transportation of advanced biofuels from Southern California. Western Canada. The fully operational 100 million gallon capacity bioreactor will be turned over to REG Grays Harbor, LLC. The facility includes a terminal with 18 million gallons of storage capacity and the capacity to receive and deliver feedstock in PANAMAX-class deep-sea vessels, as well as terminal cargo and coaches.
Renewable Energy Group is a leading advanced biofuel producer and renewable energy developer in North America. REG uses a national production, distribution and logistics system to convert natural oil, fats and oils into biofuels and advanced feedstocks into renewable chemicals as part of an integrated value chain model. With 10 active biofuel plants across the country, R&D capabilities and a diversified and growing intellectual property portfolio, REG is believed to be a long-term leader in biofuels and chemicals.
For more than a decade, REG has been supplying advanced biofuels that meet or exceed ASTM quality standards. REG REG-9000™ biomass-based retailers thus have access to cleaner-burning fuels that help diversify their energy mix and increase energy security. REG-9000™ biomass-based diesel is distributed in most states in the United States. REG also markets ultra-low sulfur diesel and heating oil in the US Northeast and Midwest. For more about REG, visit our website at www.regi.com.
Imperium Renewables is a global leader in next-generation production. Founded in 2004, the company is driven by one goal: to fundamentally change the way fuel is transported through the development and production of clean, renewable and sustainable fuels. Empire has one of the largest BQ-9000® certified biodiesel facilities in the country, Empire’s Gray Harbor in Huquam, Washington.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the completion of the Company’s acquisition and the potential benefits of the transaction. These forward-looking statements are based on expectations, opinions, beliefs, assumptions and assumptions about changes, and actual results may differ materially from those stated in the prospectus. Factors that could cause actual results to differ materially include, but are not limited to, the satisfaction of the closing conditions. REG, to be able to integrate his business with his Empire; will REG Grays Harbor produce biodiesel; changes affecting the business, financial condition or results of operations of REG or Control before or after the closing of the transaction are described from time to time in REG’s REG. Quarterly Reports on Form X-Q; Other risks and uncertainties
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