Pacolet Milliken Triples Biomass Capacity with Georgia Acquisition

The newly acquired facilities, which boast a combined generating capacity of 116 MW, operate under long-term power purchase agreements with Georgia Power. These plants utilize woody biomass as fuel, meeting both state and federal renewable energy standards while generating credits for the open market. The move follows Pacolet’s initial entry into the sector in 2024 through the purchase of a 55 MW plant in Barnesville.

William Crawford, CEO of Pacolet, stated that the acquisition aligns with the firm’s financial and sustainability objectives, noting that the Franklin and Madison sites provide operational consistency with their existing assets. By managing three facilities within the same state, the firm expects to capture significant synergies. Manulife, which previously supported the Barnesville acquisition, provided the financing for this expansion, signaling a continued partnership between the two entities. Legal and financial advisory services for the deal were provided by Vinson & Elkins, Genesis Capital, and Day Pitney.