Gainesville Renewable Energy Center (GREC), a partnership of Energy Management, BayCorp Holdings, Starwood Energy and Fagen Power, has sold its 102.5-megawatt biomass facility to Gainesville Regional Utilities (GRU) for $750 million dollars.
The GREC facility reached commercial operation in 2013 and sold all of its energy, capacity, and environmental attributes to GRU under a 30-year Power Purchase Agreement.
Jim Gordon, CEO of GREC, remarked, “Our biomass project had an excellent safety, environmental, and operating history. The sale was prompted by the recognition that both GREC and GRU could unlock enhanced value through this transaction.”