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FERC approves Fla. muni's $750M acquisition of biomass power facility

Gainesville Regional Utilities received Federal Energy Regulatory Commission approval to acquire a 102.5-MW biomass power facility in Alachua County, Fla., from a group of investors for $750 million in cash.

Under the transaction, the city of Gainesville, Fla.-owned utility will purchase the Gainesville Renewable Energy Center and related interconnection facilities. The plant sells its output to the utility under a 30-year power purchase agreement.

The facility is currently owned 40.30% by Starwood Energy Group Global LLC, 21% by BayCorp Holdings Ltd., 21% by Energy Management Inc. and 17.70% by Fagen Inc. (FERC docket EC17-172)