Rollcast, Atlantic Power complete asset swap
Rollcast Energy and Atlantic Power Corp. have completed an asset swap, exchanging Rollcast’s ownership interest in the Piedmont Green Power and Cadillac Renewable Energy biomass plants for Atlantic Power’s interest in Rollcast. Penn Cox, president and CEO of Rollcast, confirmed to Biomass Magazine that the transaction closed earlier this month.
“We swapped our small interest in Piedmont and Cadillac for Atlantic’s shares in Rollcast and cash,” Cox said. “Atlantic now owns and operates both 100 percent.”
The 54 megawatt (MW) Pidemont plant is located in Barnesville, Ga. According to information published by Atlantic Power, it now holds a 98 percent economic interest in the facility. The 39.6 MW Cadillac facility is located in Cadillac, Mich., and Atlantic Power now holds a 100 percent economic interest in that plant. Prior to the asset exchange, Rollcast was 60 percent owned by Atlantic Power.
In its third quarter financial results released on Nov. 8, Atlantic Power announced that it initiative and approved a plan to divest its 60 percent interest in Rollcast during the quarter. However, at that time the company did not indicate the possibility of an asset swap.
While Rollcast no longer holds any ownership interest in the Piedmont and Cadillac plants, the company intends to remain active in the biomass power space. “We will continue to develop biomass energy assets, starting with Greenway Renewable Power, an [approximately] 50 MW woody biomass plant on which we expect to start construction next month,” Cox said. “We will continue to develop both woody biomass plants as well as biogas plants that use food or animal waste for feedstock in [anaerobic digestion] processes. We are also developing smaller biomass facilities centered around [construction and demolition] recycling facilities and the wood extracted from that waste stream.”