LIVERMORE FALLS — A New York-based renewable energy company has entered into an agreement with Boralex Inc., based in Quebec, to buy five of its biomass energy-production plants, including those in Livermore Falls and Stratton, according to the companies’ websites.

ReEnergy Holdings LLC announced Monday that it will acquire five U.S. biomass energy production facilities in Maine and New York for about $93 million, or about $81 million in after-tax proceeds.

The sale is expected to close by the end of the year and is subject to regulatory approvals.

ReEnergy plans to acquire four plants in Maine: a 40-megawatt facility in Livermore Falls, a 50-megawatt facility in Stratton, a 40-megawatt facility in Ashland and a 36-megawatt facility in Fort Fairfield.

In New York, ReEnergy will acquire a 20-megawatt facility in Chateaugay. The facilities rely principally on forest residue including wood chips to create renewable energy.

The wood-residue power stations have a total installed capacity of 186 megawatts.

ReEnergy is a portfolio company of Riverstone Holdings LLC that owns and operates facilities that use biomass and waste residues to produce renewable thermal and electric energy. ReEnergy was formed in 2008.

“We have entered into this agreement after considerable reflection by Boralex’s management and board of directors about our strategy,” Boralex President/Chief Executive Officer Patrick Lemaire said in a release. “We have concluded that, at this stage in our development, this transaction provides Boralex with the best opportunity to pursue its growth objectives in the other areas of the renewable energy market,” he said.

ReEnergy currently owns and operates a 22-megawatt biomass facility in Lyons Falls, N.Y.; a 31-megawatt tire-to-energy facility in Sterling, Conn.; and two construction and demolition waste and waste wood processing facilities that service the eastern New England/Boston metropolitan area marketplace.

With this acquisition, ReEnergy will grow to approximately 260 employees in four states, and its total energy portfolio will expand to 240 megawatts, the company’s release stated.

“We look forward to becoming corporate citizens in four communities in Maine and another community in the North Country of New York, and continuing to provide economic opportunity and clean, reliable, cost-effective renewable energy to those regions,” ReEnergy Chief Executive Officer Larry Richardson said in a release.

Boralex plans to invest the proceeds in new renewable energy projects with long-term contracts in Canada and Europe, primarily in the wind, hydroelectric and solar segments, according to the release.

Company representatives were not available for comment Wednesday.

dperry@sunjournal.com

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