Renegy sells subsidiary, acquires California biomass facility

Tempe, Ariz.-based Renegy Holdings Inc. completed the sale of its wholly owned subsidiary SCR-Tech LLC to CoaLogix Inc. for $9.6 million. The net cash proceeds derived from the sale will be used toward the funding and refurbishment of the company's newly acquired 13-megawatt biomass power plant in Susanville, Calif., according to Renegy spokeswoman Megan Meloni. Renegy currently has a 24-megawatt biomass-to-electricity plant under construction in Snowflake, Ariz., which is expected to be operational in the first quarter of this year, Meloni said.