From the HERE City State Desk
Greenville, South Carolina-based investment firm Pacolet Milliken has acquired Georgia Renewable Power, which owns two biomass power plants in northeast Georgia.
The plants, one in Franklin County and one in Madison County, have 116 megawatts of combined generating capacity. They burn woody biomass and sell their output to georgia officials noted power under long term power purchase agreements. They also sell renewable energy credits on the open market.
Pacolet announced Wednesday that it bought 100% of the company. Manulife provided financing, and terms were not disclosed. Pacolet said the deal roughly triples the size of its biomass business, which began in 2024 when it bought a 55-megawatt plant in Barnesville.
The sale has been in the works for months. A filing with the Georgia Public Service Commission shows the purchase agreement was signed June 24. Because the Madison County plant’s contract requires Georgia Power’s consent to a change of ownership, the utility asked the commission in August to approve that consent.
The filing says the Madison plant’s contract with Georgia Power covers 58 megawatts of committed capacity. The utility told regulators the approval would allow continued reliable operation of the plant while keeping all contract protections in place.
Pacolet CEO William Crawford said Franklin and Madison are modern, efficient facilities that complement the Barnesville plant and meet the firm’s financial and sustainability goals. Lance Jordan, co-head of Pacolet Power and Infrastructure, said operating three facilities in the same state creates meaningful operational synergies. The plants qualify as renewable power under federal and state standards. Georgia Power’s August filing with the commission seeks approval of a consent to change of control and a consent to collateral assignment under the Madison plant contract.
