White Plains, New York-based Fortistar has announced the acquisition of two landfill gas (LFG)-to-energy projects, expanding its LFG portfolio by 11 megawatts (MWs). The two projects were purchased from Green Gas Americas, Palm City, Florida.
Fortistar also has announced closing in early October 2015 on $150 million in financing to continue building its 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,” says Mark Comora, the company’s president. “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 in Birdsboro, Pennsylvania, sells power to Constellation Energy under a long-term offtake agreement. The 3 MW Port Charlotte Energy project in Punta Gorda, Florida, sells power to Orlando Utilities Commission under a long-term contract. Fortistar will now own and operate both projects.
The $150 million in financing was led by Fortistar’s existing LFG lenders, MUFG Union Bank, Investec and CoBank. The group has been expanded to include East West Bank and Raymond James Bank.
“Municipalities are increasingly looking to landfill gas to energy projects as a sustainable and reliable source of energy,” says Jonathan Maurer, managing director at Fortistar. “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.”