Biomass-to-energy firm Greenleaf Power is for sale.
Denham Capital, the company’s private equity owner, has mandated BNP Paribas to run the process, which launched last week, according to two sources familiar with the process.
California-based Greenleaf is a biomass generation platform with 135.5 MW of fully-contracted renewable generation capacity and remaining weighted-average PPA term length of 9.5 years, according to a sale teaser.
The company’s four operational assets are the 45 MW Desert View Power, in Mecca, California; the 30 MW Honey Lake Power in Wendel, CA; the 23 MW St Felicien Cogeneration facility in Quebec; and the 37.5 MW Plainfield plant in Connecticut.
Greenleaf expects to generate $106m of biomass revenues in 2024, resulting in $24m in expected EBITDA.
According to the teaser, co-located battery energy storage projects amounting to 110 MW are also under development, with CODs expected for 2025 – 2026.
There is potential for additional revenue streams from existing infrastructure and land, including organic waste diversion, gasification and carbon capture, co-location of renewables, and heavy-duty electric vehicle charging stations, the teaser states.
