Company Adds 11 MW to Portfolio with Acquisitions in Florida and
Pennsylvania from Green Gas Americas
Firm Also Closes $150 Million in Financing for its Landfill Gas to
Fortistar today announced that it acquired two landfill gas (LFG) to
energy projects, expanding its landfill gas portfolio by 11 MW. The
acquisitions from Green Gas Americas follow the closing last week of
$150 million in financing for Fortistar’s LFG to energy portfolio.
“Fortistar has developed, invested in and manages an unparalleled
portfolio of successful landfill gas to energy initiatives in the U.S.
and Canada,” said Mark Comora, president of Fortistar. “Our experienced
team and ability to forge strong relationships with partners and local
communities has been the formula for this success.”
The two new projects are both operational; the 8 MW Pioneer Energy
project, located in Birdsboro, PA, sells power to Constellation Energy
under a long-term offtake agreement. The 3MW Port Charlotte Energy
project, located in Punta Gorda, FL, sells power to Orlando Utilities
Commission under a long-term contract. Fortistar will own and operate
The $150 million in financing was led by Fortistar’s existing LFG
lenders, MUFG Union Bank, Investec and CoBank. The group was expanded to
include East West Bank and Raymond James Bank. In addition to extending
the term of the debt, the financing provides reserves along with an
accordion facility to facilitate growth through acquisitions,
development and internal investment.
“Municipalities are increasingly looking to landfill gas to energy
projects as a sustainable and reliable source of energy. By refinancing
our LFG portfolio, we can continue to make smart investments and build
on our substantial experience owning and operating these types of
important projects,” said Jonathan Maurer, Managing Director at
Fortistar. “Fortistar is dedicated to making clean energy work with
180MW of capacity from our LFG portfolio throughout the United States.”
Headquartered in White Plains, New York, Fortistar is an opportunity
oriented, astute private investment firm that is distinguished by its
experienced people with a deep understanding of energy operations,
financing and development.
For decades, the company has developed, invested in and managed an
unparalleled portfolio of successful energy initiatives in the United
States and Canada, including cogeneration facilities; compressed natural
gas fueling stations; landfill power plants; and biomass facilities.
Fortistar attributes its success to a long-term perspective in the
development and operations of energy projects as well as strong
relationships with partners and local communities.
For more information, please visit www.fortistar.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151005005330/en/
Copyright Business Wire 2015
Source: Business Wire
(October 5, 2015 - 6:00 AM EDT)
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