The plants have 116 MW of combined generating capacity and sell their output to Georgia Power under long-term power purchase agreements. The plants are fueled by woody biomass, qualify as a source of renewable power under federal and state standards, and sell renewable energy credits on the open market. Pacolet entered the biomass sector in 2024 with its acquisition of Piedmont Green Power (“PGP”), a 55 MW biomass plant in Barnesville, Georgia.
“This transaction represents a significant next step in growing Pacolet’s Power & Infrastructure portfolio and meets both our financial and sustainability goals. Franklin and Madison are modern, efficient facilities that complement PGP well,” said William Crawford, CEO of Pacolet. “We look forward to working with our partners and regulatory authorities to continue the plants’ success, as well as ensuring the Plants have a positive impact on their respective communities. We are committed to operating the plants at the same high standards of safety, environmental stewardship and operating efficiency that we do with every asset in our portfolio.”
Lance Jordan, Co-Head and Chief Investment Officer of Pacolet Power & Infrastructure, commented, “GRP is a natural fit alongside PGP. Operating three facilities in the same state creates meaningful operational synergies. Going forward, we continue to see compelling opportunities to acquire high-quality assets that meet our sustainability and financial goals.”
Pointing to the continuity of the financing partnership, Jordan added, “We are especially pleased to expand our relationship with Manulife, which also financed our PGP acquisition. This transaction reflects the long-term partnership both companies envisioned when we first worked together.”
Vinson & Elkins served as legal advisor, and Genesis Capital acted as debt financing arranger for Pacolet on the transaction. Day Pitney served as counsel to Manulife on the transaction.
