I Squared unit buys gas-to-energy facilities

I Squared Capital portfolio company Cube District Energy has bought four long-term contracted landfill gas-to-energy facilities near Atlanta, Georgia, from EIV Capital and MAS Energy for an undisclosed amount.

With the acquisition, Cube District Energy now holds six environmentally friendly systems across Massachusetts, Ohio and Georgia which together produce 290MW of electricity, 1.4 million pounds of steam and 11,000 tons of chilled water per hour, I Squared said in a statement. 

“Cube District Energy invests in assets that support local clean energy initiatives with proven, reliable and efficient technologies through new construction, upgrades and modernisation projects,” said Cube vice-president of business development Brian Mueller. “Utilising 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.”

One of the facilities is currently operating and has a 20-year PPA to supply electricity, steam and chilled water to Coca-Cola. The other three are set to supply electricity to Georgia Power Company under 20-year power purchase agreements once the projects to develop them are complete. All are in late-stage construction and expected to reach completion by mid-year. Once operational, the portfolio will produce gross capacity of more than 30MW. 

I Squared partner Adil Rahmathulla noted that he and his colleagues “continue to see several attractive investment opportunities across the North American power spectrum” in line with their strategy.