27 Feb 2009 07:27
Leaf completes a $12.2 million investment in
Multitrade Telogia, LLC
Leaf Clean Energy Company ("Leaf") [LSE: LEAF.L], an AIM-listed company incorporated for the purpose of investing in clean energy companies and projects in North America, is pleased to announce the completion of a $12.2 million investment in Multitrade Telogia, LLC ("Telogia").
Telogia is a special purpose entity formed to purchase, refurbish and operate an existing 14MW capacity wood-fueled biomass facility in Telogia, Florida. Telogia will use native renewable fuel from the local forest industry as well as wood waste that would otherwise be put into landfills to generate renewable power. Telogia will sell all the power generated to a Florida co-op under a long-term power purchase agreement executed in December 2008.
Telogia is Leaf's second investment in the biomass-to-energy space with Multitrade Biomass Holdings, LLC as its partner. With this investment Leaf now has over 30MWs of biomass power generation in its portfolio.
Peter Tom, Leaf Chairman said:
"We are excited to further our relationship with Multitrade, given their extensive experience in developing successful biomass power projects. We continue to be impressed with their ability to utilize innovative solutions to provide reliable renewable power to the residents of the southeastern United States."
Dan Shapiro, Director, Energy & Climate Advisors, said:
"Biomass-fueled power plants, such as Multitrade Telogia, LLC, are important to help utilities in the Southeast United States increase their renewable energy portfolios. The Telogia investment represents the continued build out of Leaf's biomass platform company through an opportunistic purchase of an existing asset expected to be cash flow positive in the near-term."
Ed Brammer, President of Multitrade Biomass Holdings, said:
"Given certain circumstances of previous owners, we were able to acquire Telogia, including the expected capital to refurbish and improve the facility, at an attractive price. Telogia is symbolic of the type of distressed asset sales we are seeing in the marketplace today. The combination of our experience in the biomass industry and our partner's availability of capital allows us to acquire these distressed assets and return them to positive cash flow very quickly."
- Ends -
For further information please contact:
Simon Shaw
Director, Energy & Climate Advisors +44 (0) 20 7553 2361
Kevin McNulty
Director, Energy & Climate Advisors +1 281 368 4452
Ricardo Nogueira
Director, Energy & Climate Advisors +1 202 289 8833
Daniel Shapiro
Director Energy & Climate Advisors +1 225 987 7408
Ivonne Cantu / Oliver Goad
Cenkos Securities plc +44 (0) 20 7397 8900
Martin Stott / Ian Beestin +44 (0)7947 915028
Bulletin PR
Notes to Editors:
About Leaf Clean Energy Company
Leaf Clean Energy Company ("Leaf") [LSE: LEAF.L], is a publicly traded $400 million clean energy investment company. Leaf was incorporated for the purpose of acquiring interests in, owning, operating and managing clean energy companies and projects primarily in North America. The sector spans multiple industries, including wind energy, solar energy, energy efficiency, pollution control, emission credit aggregation, waste-to-energy, wave energy, biomass power and biofuels. The company's main investment objective is to achieve long-term capital appreciation through its acquired interests in the clean energy sector, as well as through the potential generation and commercialization of carbon credits derived from these projects. Leaf is advised by Energy & Climate Advisors, a joint venture between EEA Group and Shaw Capital.
www.leafcleanenergy.com
www.eeafm.com
www.shawgrp.com/markets/shawcapital
About Multitrade Biomass Holdings, LLC
Multitrade Biomass Holdings LLC was formed in December 2006 to develop renewable wood-waste fired power plants in the Southern and Mid-Atlantic States. The company has a pipeline of development projects for supplying electricity, thermal energy and renewable fuel to utilities and industrials. The President of Multitrade, Ed Brammer, was also the founder and CEO of a predecessor company, Multitrade Group, Inc., that developed wood fueled power plants, including an 80 MW plant located in Central Virginia. Multitrade is headquartered in Henry County, Virginia.