Energy Investors Funds (EIF) has completed the sale of the Watertown, NY-based Black River Generation plant to ReEnergy Holdings, LLC. Terms of the deal have not been disclosed.
Black River Generation is a 55 MW coal-fired facility located on the Fort Drum U.S. Army Base in Watertown, NY. The project commenced commercial operations in 1988. EIF’s United States Power Fund, LP acquired the project in 2004. ReEnergy Holdings plans to convert the facility to a biomass power plant.
“Black River Generation has been a solid investment for our firm and investors,” says Robert Franson, Vice President at EIF. “ReEnergy is well suited to convert the facility to a biomass project.”
“With this sale, we have sold the last material asset held by United States Power Fund, which closed on USD250 million in capital commitments in late 2003,” says Terrence Darby, Managing Partner at EIF. “We are grateful to our limited partners, many of whom have continued to support successive EIF funds.”
