GREC sells 102.5MW biomass facility to GRU for $750m

Gainesville Renewable Energy Center (GREC) has sold a 102.5MW biomass facility in Florida to Gainesville Regional Utilities (GRU) for $750m.

Commissioned in 2013, the plant has been selling its energy, capacity, and environmental outputs to GRU under a 30-year power purchase agreement.

GREC is a partnership of Energy Management, BayCorp Holdings, Starwood Energy, and Fagen Power.

US-based American Renewables built the plant with an investment of $500m.

The facility powers roughly 70,000 households in the Gainesville region.

GREC CEO Jim Gordon said: “Our biomass project had an excellent safety, environmental, and operating history.

“The sale was prompted by the recognition that both GREC and GRU could unlock enhanced value through this transaction.”