Foley & Lardner LLP acted as legal counsel to Greenleaf Power Consolidated LLC (Greenleaf) in securing $36.7 million in project financing from East West Bank through its wholly-owned subsidiary Greenleaf Biomass Holdings LLC. The transaction marks one of the largest biomass power project financings in recent North American history.
The financing will be used to recapitalize two of Greenleaf’s prime assets – the 30-megawatt Honey Lake Power project in Lassen County, California, and the 22-megawatt St-Félicien Cogénération project in Quebec, Canada. Both power generation facilities convert woody biomass waste into electricity that is sold under long-term power purchase agreements to San Diego Gas & Electric and Hydro-Quebec, respectively. The company is also developing battery storage at sites adjacent to its biomass power facilities to improve grid stability and increase the supply of renewable power during periods of peak demand.
Greenleaf’s biomass fuel is a renewable energy source consisting of organic material from plants. Biomass power facilities harness the energy stored in such organic materials to produce baseload renewable power.
The Foley team was led by partner Jason Allen and included partners Ed Hammond, Jason Barglow and Julie Lee, of counsel Tom Mullooly, senior counsel Natalie Neals and special counsel Olya Petukhova.