Science Applications International Corp (SAIC), in partnership with Carlyle Energy Mezzanine Opportunities Group, will provide finance to build the $225m Plainfield Renewable Energy (PRE) biomass project in the US state of Connecticut.
The project, owned by Enova Energy Group, will generate 37.5MW of clean energy to power the 37,000 households. Power generated from the plant will be purchased by Connecticut Light & Power based on a 15-year off-take agreement.
Carlyle's Energy Mezzanine Opportunities Group managing director David Albert said the company is pleased to provide funds for an important renewable power generation project at a time when other traditional sources of capital are withdrawing from the market. "This transaction exemplifies our ability to find creative solutions and execute quickly for the right project," he said.
Under the terms of the contract, SAIC will provide engineering, procurement, and construction services for the project under fixed price and date conditions. The development will consume wood waste to produce renewable energy through a low-risk gasification process and will use the best available control technology (BACT) to control emissions. The project has received all necessary permits to construct the facility and Envova Energy Group expects it to be complete by December 2013.