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CT co. initiates purchase of Greenville biomass plant

Published at: Nov 28, 2012
source: Maine Biz

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After months of being shuttered, Greenville's 19-megawatt biomass plant is nearing a sale to a new Connecticut company.

Daniel Haas, CEO of New Leaf Energy, told Mainebiz that his company founded in February has a signed term sheet and commitment to close on the deal by early 2013, a timeline that would make the Greenville plant the startup's first acquisition.

Haas said New Leaf, which includes three other partners, is looking to purchase biomass plants around the country after receiving financial backing through IQ Venture Advisors of New York several weeks ago.

"We have four energy executives that have been around biomass for 20 years," Haas said. "We put together a team and we're going to pursue that industry."

Haas would not disclose where else the company is looking to make other purchases.

In June, a New York-based company announced plans to buy the Greenville plant but was ultimately unsuccessful.

Haas said the company plans to rehire more than 20 former employees who worked at the plant and to reestablish relationships with the plant's previous vendors and suppliers.

Haas said the company hopes to reopen the plant in the first quarter of 2013.


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