Fortistar expands landfill gas to energy portfolio

By Fortistar | October 07, 2015

Fortistar recently announced that it acquired two landfill-gas-to-energy (LFGTE) projects, expanding its landfill gas portfolio by 11 MW. The acquisitions from Green Gas Americas follow the closing last week of $150 million in financing for Fortistar’s LFGTE portfolio.

“Fortistar has developed, invested in and manages an unparalleled portfolio of successful landfill gas to energy initiatives in the U.S. and Canada,” said Mark Comora, president of Fortistar. “Our experienced team and ability to forge strong relationships with partners and local communities has been the formula for this success.”

The two new projects are both operational; the 8-MW Pioneer Energy project, located in Birdsboro, Pennsylvania, sells power to Constellation Energy under a long-term offtake agreement. The 3-MW Port Charlotte Energy project, located in Punta Gorda, Florida, sells power to Orlando Utilities Commission under a long-term contract. Fortistar will own and operate both projects.

The $150 million in financing was led by Fortistar’s existing LFG lenders, MUFG Union Bank, Investec and CoBank. The group was expanded to include East West Bank and Raymond James Bank. In addition to extending the term of the debt, the financing provides reserves along with an accordion facility to facilitate growth through acquisitions, development and internal investment.

“Municipalities are increasingly looking to landfill gas to energy projects as a sustainable and reliable source of energy. By refinancing our LFG portfolio, we can continue to make smart investments and build on our substantial experience owning and operating these types of important projects,” said Jonathan Maurer, managing director at Fortistar. “Fortistar is dedicated to making clean energy work with 180 MW of capacity from our LFG portfolio throughout the United States.”