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.”