Friedman, Luzzatto, Duncan-Williams fund 4-MW waste-to-power scheme
Dec 5, 2013 - US firms Friedman, Luzzatto & Co and Duncan-Williams Inc said yesterday they had raised USD 9 million (EUR 6.6m) from a taxable revenue bond issue to back a 4-MW waste-to-power project in Texas.
The bond sale was authorised through non-profit organisation Mission Economic Development Corp (MEDC), while the proceeds were lended to project owner Nelson Gardens Energy LLC, a unit of New York-based Greenfield Energy. The value of the scheme, including debt and equity, is estimated at about USD 14.8 million.
Financial services providers Friedman, Luzzatto and Duncan-Williams were co-senior managers of the offering.
The waste-to-power station will be installed at a landfill in San Antonio and is expected to reach commercial operation by the end of this year. The facility will capture the methane from the decomposing waste in the landfill and use it to generate electricity. When up and running, the plant will sell its output to local utility Nelson Gardens under a 15-year power purchase agreement (PPA).
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.