(Updated, 3:15 p.m.)
PROVIDENCE – Macquarie Infrastructure Partners II, an infrastructure investment fund, finalized the acquisition of two landfill gas-to-energy facilities in Johnston and Brea, Calif., according to a news release published Monday.
Macquarie bought the facilities from Ridgewood Renewable Power LLC for $25 million, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on Nov. 19. The facilities are located at the Olinda Alpha Landfill in California and the Central Landfill in Johnston and have a combined generating capacity of 26 megawatts.
The facilities will be operated by Broadrock Biopower I LLC, an affiliate of Macquarie.
The Providence Project, so-called in the SEC documents, was acquired for $17.5 million, while the Olinda Project fetched $7.5 million.
In the same document, it was announced that Randall D. Holmes, serving as president and CEO, resigned from Ridgewood to continue overseeing the facilities.
“Ridgewood’s experienced management team will remain in place to oversee the development, construction and ongoing operation of the two projects,” Macquarie said in the news release.
Macquarie has also arranged an unknown amount of financing to expand both facilities. After the expansion, the facilities are expected to have a combined renewable energy generating capacity of 77.8 megawatts.
Construction will begin late in the fourth quarter.
“Renewable assets are stable, attractive investments and display the very investment characteristics we seek for our portfolio,” said Christopher Leslie, CEO of Macquarie Infrastructure Partners II.
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“The facilities we are acquiring are proven, long-life assets that will utilize advanced technology to produce eco-friendly energy for consumers and are expected to produce stable, predictable revenue streams for our investors,” said Leslie.
