Laidlaw Energy Group Inc., a New York-based power-plant developer, agreed to buy a 14-megawatt biomass facility in California.
Laidlaw plans to invest about $20 million to upgrade the Susanville plant over the next 12 months, the company said today in a statement that did not disclose the price.
The seller is Renegy Holdings Inc., which is partly owned by the French renewable energy company Hanalei Renewables. Both companies will become equity holders in Laidlaw and will be issued a new class of preferred shares. Laidlaw is negotiating a 20-year to 30-year power-purchase agreement.