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"Investor puts biomass outfit on the block"

January 27, 2017 - SparkSpread Exclusive

Denham Capital has put up for sale Greenleaf Power, a Sacramento, Calif.-based biomass power generation company. 

BNP Paribas and New York advisory firm Ansonia Partners (formerly called ERM Capital) are advising on the sale process, SparkSpread has learned. 

Adam Carte, an operating partner/senior advisor in Denham’s portfolio services group, is running the process on behalf of the private equity firm, according to an industry source. 

Greenleaf is a legacy U.S. power investment from 2007. 

An external spokesman for Denham and an official at BNP Paribas declined comment. 

 

Greenleaf owns five contracted biomass facilities, according to the company’s website. 

 

They include three plants in California: Desert View (47 MW), Honey Lake (30 MW) and the idled Tracy (20.5 MW) facility; plus St.-Felicien, a 21 MW facility in Quebec; and Plainfield, a 37.5 MW plant in Connecticut. 

 

Greenleaf in 2014 closed a $100 million mezzanine credit facility to finance a push to acquire biomass assets. 

 

Babson Capital Management was the agent on the facility. 

 

Denham Capital’s plans to sell Greenleaf were first reported by SparkSpread on Feb. 17.