Pacolet Milliken Expands its Biomass Platform with the Acquisition of Georgia Renewable Power

GREENVILLE, S.C., Oct. 7, 2026 /PRNewswire/ -- Pacolet Milliken, LLC ("Pacolet"), a sustainability-focused, family-owned investment firm, announced today it has acquired 100% of Georgia Renewable Power ("GRP"), which owns two biomass power plants in northeast Georgia, one in Franklin County and one in Madison County (the "Plants"). This acquisition roughly triples the size of Pacolet's biomass platform. Financing was provided by Manulife. The terms of the transaction were not disclosed.

The Plants have 116 MW of combined generating capacity and sell their output to Georgia Power under long-term power purchase agreements. The Plants are fueled by woody biomass, qualify as a source of renewable power under federal and state standards, and sell renewable energy credits on the open market. Pacolet entered the biomass sector in 2024 with its acquisition of Piedmont Green Power ("PGP"), a 55 MW biomass plant in Barnesville, Georgia.

"This transaction represents a significant next step in growing Pacolet's Power & Infrastructure portfolio and meets both our financial and sustainability goals. Franklin and Madison are modern, efficient facilities that complement PGP well," said William Crawford, CEO of Pacolet. "We look forward to working with our partners and regulatory authorities to continue the plants' success, as well as ensuring the Plants have a positive impact on their respective communities. We are committed to operating the plants at the same high standards of safety, environmental stewardship and operating efficiency that we do with every asset in our portfolio."

Lance Jordan, Co-Head and Chief Investment Officer of Pacolet Power & Infrastructure, commented, "GRP is a natural fit alongside PGP. Operating three facilities in the same state creates meaningful operational synergies. Going forward, we continue to see compelling opportunities to acquire high-quality assets that meet our sustainability and financial goals. We remain focused on pursuing additional renewables investments throughout the U.S."

Pointing to the continuity of the financing partnership, Mr. Jordan added, "We are especially pleased to expand our relationship with Manulife, which also financed our PGP acquisition. This transaction reflects the long-term partnership both companies envisioned when we first worked together."

"We appreciate the opportunity to once again work alongside the Pacolet team on another successful acquisition. The expansion of their biomass platform in Georgia is a meaningful milestone for the business, and we are pleased to provide financing that supports their long-term growth objectives," said Nicholas Violandi, Managing Director, Power & Infrastructure Project Finance, Manulife.

Vinson & Elkins served as legal advisor, and Genesis Capital acted as debt financing arranger for Pacolet on the transaction. Day Pitney served as counsel to Manulife on the transaction.

About PACOLET MILLIKEN

Headquartered in Greenville, SC, Pacolet is a family-owned investment firm that owns and manages a diverse set of power & infrastructure and real estate assets located across the United States. Pacolet's Power & Infrastructure assets include a regulated electric utility (Lockhart Power), an industrial utilities company (Bushy Park) and a substantial solar, wind, biomass, and landfill gas portfolio. Pacolet's Real Estate division has a national portfolio of industrial, multi-family, office, and self-storage properties. In both divisions, Pacolet seeks to positively impact the communities in which it operates and be a good steward of the environment.

https://www.pacoletmilliken.com 

About Manulife

Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' on the Hong Kong stock exchange. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com. 

SOURCE Pacolet Milliken LLC