Pacolet Milliken acquired 100% of Georgia Renewable Power, expanding its renewable energy portfolio and roughly tripling the size of its biomass platform.
Georgia Renewable Power owns two biomass plants in northeast Georgia: one in Franklin County and one in Madison County.
The facilities have a combined generating capacity of 116 MW.
Both plants sell electricity to Georgia Power under long-term power purchase agreements.
The facilities run on woody biomass, qualify as renewable power sources under federal and state standards, and sell renewable energy credits.
Pacolet entered the biomass sector in 2024 by acquiring Piedmont Green Power, a 55 MW biomass facility in Barnesville, Georgia.
Following the Georgia Renewable Power acquisition, Pacolet will operate three biomass facilities in the state.
Manulife provided financing for the transaction.
Financial terms were not disclosed.
Vinson & Elkins served as Pacolet’s legal advisor, while Genesis Capital acted as the debt financing arranger.
Day Pitney represented Manulife.
KEY QUOTES:
“This transaction represents a significant next step in growing Pacolet’s Power & Infrastructure portfolio and meets both our financial and sustainability goals.”
William Crawford, CEO of Pacolet Milliken
“GRP is a natural fit alongside PGP. Operating three facilities in the same state creates meaningful operational synergies.”
Lance Jordan, Co-Head and Chief Investment Officer of Pacolet Power & Infrastructure
