Copying and distributing are prohibited without permission of the publisher
Burgess BioPower: Cate and Starwood revive Berlin biomass
31 October 2011
Read more:
[cate street]
[starwood]
[ea markets]
[laidlaw]
[new hampshire]
Cate Street Capital and Starwood Energy closed a $275 million financing for the 75MW Burgess BioPower in New Hampshire on 2 September. However, the complicated private placement financing for the plant, which was formerly known as Berlin Station Biomass, was marred by allegations from the developer, LaidLaw Energy subsidiary LaidLaw Berlin BioPower, that Cate Street-affiliated funds had failed to make payment for development work on the facility – the latest in a series of setbacks to the project.
Burgess is a low-grade wood and whole tree wood chip-fuelled biomass plant with an annual fuel requirement of 750,000 tonnes. It is located on the Androscoggin River in Berlin, New Hampshire, on the site of a former pulp mill. Public Service of New Hampshire (PSNH), a subsidiary of listed utility Northeast Utilities, will buy power from the plant under a 20-year power purchase agreement.
Financing was split between a $200 million senior...
Take a free website trial to read this article. It’s easy to get a trial – just follow this link or email info@projectfinancemagazine.com.
Or, if you’re a subscriber or have an active trial, simply log in below to read the article.
Subscribe
Subscribers have unlimited access to all current and archive content. Start your
subscription today - click on the button below.
Subscribe
Free trial
Taking a free trial will give you access to the latest news and analysis, as
well as the online deals database, BenchBase. Start your free trial today.
Free Trial