Cube District Energy, a portfolio company of I Squared Capital, has acquired four long-term contracted landfill gas-to-energy facilities near Atlanta, Georgia, from EIV Capital and MAS Energy.
I Squared said in an April 7 announcement that one of the facilities supplies electricity, steam and chilled water to Coca-Cola Inc. under a 20-year power purchase agreement. The other three are in late-stage construction, and will supply electricity under 20-year power purchase agreements with Georgia Power.
Cube District Energy now has six environmentally-friendly systems across Massachusetts, Ohio and Georgia, producing an aggregate of 290 MW, 1.4 million pounds of steam and 11 thousand tons of chilled water per hour.
“We are delighted to expand the Cube District Energy platform into the Southeastern United States through the acquisition of these long-term, contracted assets. We continue to see several attractive investment opportunities across the North American power spectrum that are in line with I Squared Capital’s overall investment strategy,” said Adil Rahmathulla, Partner at I Squared Capital.
All facilities are expected to be fully operational by mid 2016 and will constitute the largest portfolio of landfill-gas-to-energy plants in the state of Georgia with an aggregate gross capacity in excess of 30 MW.
“Cube District Energy invests in assets that support local clean energy initiatives with proven, reliable, and efficient technologies through new construction, upgrades and modernization projects,” said Brian Mueller, Vice President of Business Development at Cube District Energy. “Utilizing waste gas from landfills is a cost-effective, dependable and environmentally sustainable way to produce baseload power to help meet the growing energy demands of the greater metropolitan Atlanta area.”
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. It has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.