Pacolet Milliken has acquired Georgia Renewable Power (GRP), adding two woody biomass power plants with a combined generating capacity of 116 MW to its portfolio. The transaction more than triples the company's biomass power capacity in Georgia, bringing it to 171 MW across three facilities.
The acquisition includes biomass plants in Franklin and Madison counties in northeastern Georgia, each with a generating capacity of 58 MW. Both facilities generate electricity from woody biomass and supply Georgia Power under long-term power purchase agreements.
Georgia Power's 2025 Integrated Resource Plan lists December 14, 2019, as the start date for both power purchase agreements, with contracts extending through May 31, 2047.
According to Pacolet, the plants qualify as renewable electricity sources under applicable federal and state standards and sell renewable energy credits on the open market.
Expanding a Georgia Biomass Portfolio
The acquisition builds on Pacolet Milliken's purchase of Piedmont Green Power, a 55 MW facility in Barnesville, Georgia, completed in December 2023 and announced in January 2024.
Piedmont Green Power uses approximately 600,000 tons of wood waste annually to generate electricity, drawing on feedstock primarily sourced from sustainably managed forests.
Lance Jordan, Co-Head and Chief Investment Officer of Pacolet Power & Infrastructure, said the acquisition complements Piedmont Green Power and creates opportunities for operational synergies among the three Georgia facilities.
Pacolet CEO William Crawford said the company intends to maintain its standards for safety, environmental stewardship and operating efficiency at the newly acquired plants.
Financing and Future Investments
Manulife provided financing for the acquisition, continuing a relationship established when it financed Pacolet's purchase of Piedmont Green Power. The financial terms of the Georgia Renewable Power transaction were not disclosed.
Pacolet Milliken, a family-owned investment firm headquartered in Greenville, South Carolina, manages a diversified power and infrastructure portfolio that includes biomass, solar, wind and landfill gas assets, alongside regulated and industrial utility operations.
The company said it will continue pursuing renewable energy acquisitions across the United States as it expands its power and infrastructure business.
Headquartered in Greenville, South Carolina, Pacolet Milliken is a family-owned investment firm with operations in power and infrastructure and real estate across the United States. Its energy portfolio includes regulated and industrial utilities, as well as solar, wind, biomass and landfill gas assets.
