Energy Investors Funds Subsidiary Landfill Energy Systems Acquires Innovative Energy Systems
Energy Investors Funds ("EIF") announced recently that EIF Renewable Energy Holdings, LLC ("EIFREH"), through its wholly owned subsidiary, Landfill Energy Systems ("LES"), 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 were not 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," Zeliff said. "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.
"We are excited by the opportunity to work with the IES leadership team as we continue our growth through greenfield development and acquisitions of landfill gas-to-energy projects," said Richard DiGia, President and CEO of LES.
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," said Jose Torres-Monllor, a Senior Vice President of EIF.
About Energy Investors Funds
EIF was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. Its consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. As an investment manager, EIF seeks to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. EIF has mobilized over $4B in capital raised in seven funds, and currently manages four private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 100 diversified investments which have an underlying asset value greater than $15B. EIF controls 4,000 MW of operating power assets with another 2,200 MW of power assets under development or construction. For more information, visit www.eif.com.
SOURCE: Energy Investors Funds (EIF)