EIF Renewable Energy Holdings, through its wholly owned subsidiary, Landfill Energy Systems (LES), has acquired Innovative Energy Systems (IES) of Oakfield, New York.
IES, a privately held company, owns and operates a portfolio of 11 landfill gas-to-energy projects located in New York and Vermont. The IES portfolio includes developed projects with an installed capacity of 72 megawatts supplying over 42,000 homes with reliable renewable energy. Terms of the transaction have not been disclosed.
With this acquisition, LES holds the rights to 45 landfills in 16 states, producing over 200 MW of base load renewable energy along with high and medium Btu gas. These projects reduce carbon dioxide emissions by over 9 million tons per year, which is equivalent to taking more than 1.7 million cars off the road.
Peter Zeliff, founder of IES, will maintain a minority ownership interest and assume the role of Senior Vice President and COO of LES. “This merger makes so much sense; we already have similar operating philosophies and corporate cultures,” says Zeliff. “The combination gives us the most experienced development and operating team in the industry.”
The existing leaders of LES and IES have formed a joint management team to run the merged portfolios.
This is the fourth major acquisition in the landfill gas-to-energy space by EIF and makes EIFREH one of the largest landfill gas-to-energy companies in the United States. “This transaction builds on EIF’s strategy of investing in a diversified portfolio of energy assets across fuel types and technologies, including significant investments in base load renewable energy,” says Jose Torres-Monllor, a Senior Vice President of EIF.
