Latham, N.Y., November 16, 2010 – ReEnergy Holdings, a Latham N.Y. based renewable energy company, entered into an agreement to acquire the Exeter Tire-to-Energy Facility located in Sterling CT from a unit of CMS Enterprises, based in Jackson Miss. The 31 MW facility, continuously operated since 1991, is fueled with chipped and whole tires.
“Our acquisition of and subsequent investment in the Exeter Facility is consistent with ReEnergy’s strategy of acquiring select energy assets that convert biomass and waste fuels into renewable energy,” said Larry Richardson, CEO of ReEnergy Holdings. “As we expand our geographic footprint, we look forward to bringing our focus on safety and environmental stewardship to the state of Connecticut.”
With the immediate investment of significant capital in the 20-year-old facility, ReEnergy Holdings intends to continue to improve the facility’s efficiency and environmental performance, Richardson said.
According to Tom Beck, ReEnergy’s Chief Commercial Officer, “The Exeter Facility has historically met the needs of a large number of tire collection and processing operations throughout the Northeast. We look forward to serving these customers and expanding the customer base with even higher levels of reliability. This operation, combined with our ERRCO and LL&S construction and demolition debris processing facilities in southern New Hampshire, will allow us to provide a broader array of services in the Northeast.”
The acquisition is subject to regulatory approvals from FERC and the Connecticut Department of Environmental Protection. Terms are not being disclosed. Closing is expected in late December.