Energy Investors Buys Watertown Power Project
Tamarack Energy unloads its Connecticut-based clean energy asset still under development.
April 23, 2009
Energy Investors Funds bought Tamarack Energy’s Watertown power project, a Connecticut-based 30-megawatt biomass clean energy initiative. Terms were not disclosed.
“We believe investments in renewable power projects such as WRP will generate a solid return on investment for our investors as well as help our nation become less dependent on fossil fuels for the creation of electricity,” said Lucas Missong, Energy Investors Funds vice president.
Once completed, WRP will be capable of generating enough clean electricity to power roughly 30,000 area homes. The plant will run on small tree branches, stumps, old cargo pallets and trees taken down as part of forestry management programs. Tamarack launched the clean energy project more than two years ago. It already has in place an agreement with Connecticut Light & Power to purchase energy from the plant.
EIF has made numerous investments in the clean power sector, including investments in 16 hydroelectric facilities and a portfolio of 19 landfill gas-fired facilities across the US. The landfill projects turn waste methane into electricity and pipeline-quality renewable natural gas.
The firm also owns or is funding the development of biomass projects in New England, California and Florida as well as a geothermal project in Nevada. The company has also invested in California-based Solar Power Partners, Inc., a leading national solar energy services provider. In addition, EIF owns 70 percent of the Detroit Resource Recovery Facility, an electric power generation and steam facility fueled by municipal refuse.
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