An investment affiliate of Starwood Energy Group Global LLC has acquired a partial ownership interest in the Gainesville Renewable Energy Center (GREC) from Tyr Energy Inc. GREC is a 100MW biomass power plant currently under construction in Gainesville, Florida.
The acquisition was signed and closed on December 30, 2011. The other ownership stakes in GREC remain unchanged and the original American Renewables development team continues to oversee the construction of GREC. GREC will sell energy, capacity and environmental attributes to the City of Gainesville, Florida d/b/a Gainesville Regional Utilities (GRU) under a 30 year power purchase agreement. GREC began construction in March 2011 and is expected to generate power by late 2013.
The acquisition was signed and closed on December 30, 2011. The other ownership stakes in GREC remain unchanged and the original American Renewables development team continues to oversee the construction of GREC. GREC will sell energy, capacity and environmental attributes to the City of Gainesville, Florida d/b/a Gainesville Regional Utilities (GRU) under a 30 year power purchase agreement. GREC began construction in March 2011 and is expected to generate power by late 2013.
