CHARLOTTE, N.C., Oct. 21 /PRNewswire/ -- Rollcast Energy, Inc. ("Rollcast") today announced the closing of non-recourse, project financing for Piedmont Green Power, LLC (the "Project"), Rollcast's first greenfield biomass power project. The terms of the financing include an $82 million construction and term loan and a $51 million bridge loan related to the treasury grant. MUFG Power and Utilities and Investec are the lead arrangers and joint bookrunners for the financing. In addition, Atlantic Power Corporation, which owns approximately 60% of Rollcast, will provide the equity for the project, making an equity contribution of approximately $75 million for substantially all of the equity interests in the Project.
Zachry, the Project's EPC contractor, will be released to begin construction immediately and Rollcast expects the Project to be operational by the fourth quarter of 2012. Delta Power Services, a subsidiary of Babcock & Wilcox, will provide operations and maintenance services and an affiliate of Rollcast will be the Project's asset manager. The power from the project will be sold to Georgia Power under a long-term power purchase agreement.
Piedmont Green Power is a 53.5 MW biomass plant located in Barnesville, Georgia, approximately 70 miles southeast of Atlanta. The Project was developed and will be managed by Rollcast. Construction of the Project is expected to generate more than 300 jobs and, once completed, will provide 27 full-time jobs during operation. The Project will utilize 500,000 tons of woody biomass annually, 100% of which will come from the local region.
About Rollcast Energy, Inc.
Rollcast Energy develops biomass power plants that bring clean, sustainable energy and jobs to the local communities. It has a diversified portfolio of projects, primarily in the southeastern United States. For more, see www.rollcastenergy.com.
SOURCE Rollcast Energy