ReEnergy and Ember Infrastructure to form bioenergy Platform joint venture.
ReEnergy Biomass Operations LLC (“ReEnergy”) and Ember Infrastructure (“Ember”) 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 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.
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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 and Ember Infrastructure to Form Bioenergy Platform Joint Venture, New York, April 29, 2021
