ReEnergy Buys 5 Biomass Facilities from Boralex

ReEnergy Holdings LLC has acquired five biomass-to-energy facilities in Maine and New York from Boralex Inc. for approximately $88 million.

Albany, N.Y.-based ReEnergy said the facilities bought from the Kingsey Falls, Quebec-based Boralex rely principally on forest residue to produce renewable energy.

The newly purchased facilities in Maine and their production capacity are ReEnergy Ashland (40 megawatts), ReEnergy Fort Fairfield (36 megawatts), ReEnergy Livermore Falls (40 megawatts) and ReEnergy Stratton (50 megawatts). The New York facility, ReEnergy Chateaugay, has a capacity of 20 megawatts, ReEnergy said in a news release.

"We are very excited to complete the acquisition of Boralex's facilities and we welcome their loyal employees to our ReEnergy team. We are also pleased to become a corporate citizen of Maine, where the biomass industry is one of the backbones of the state's economy," said ReEnergy CEO Larry Richardson.

With the purchase, ReEnergy operates an energy portfolio of 240 megawatts in four states, with about 260 employees.