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Watertown Renewable Power LLC, a 30-megawatt biomass power project under development in Watertown, Conn. has been sold by owner Tamarack Energy Inc. to private investment firm Energy Investors Fund LLC for an undisclosed amount, according to a published report.
Energy Investors Fund, which has offices in Boston, San Francisco and New York, will take control of the management of the project, according to a company statement. Website PE Hub reported that once completed, the project is expected to generate enough electricity to power roughly 30,000 area homes, running on small tree branches, stumps, old cargo pallets and trees taken down as part of forestry management programs.
The project was originally launched by Tamarack two years ago and has cleared several zoning and permitting hurdles, according to officials. The project has also been accepted by Connecticut’s Project 150 program, an initiative aimed at increasing clean energy supply in Connecticut by at least 150 megawatts, and has negotiated an agreement with Connecticut Light & Power for the purchase of energy from the plant.
Energy Investors Fund is a private equity investor in clean energy projects that aims to not only back, but manage projects. The firm has invested in 16 hydroelectric facilities and 19 landfill gas-fired facilities across the United States, as well as other projects.
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