SOURCE: Patriot Energy Services LLC

Patriot Energy Services LLC

June 27, 2012 07:11 ET

Patriot Energy Services LLC to Purchase the Greenville Biomass Power Plant in Greenville Maine

NEW YORK, NY--(Marketwire - Jun 27, 2012) - Today Patriot Energy Services LLC CEO Steven C. Johnson announced they have signed a contract to purchase the Greenville Steam Power Plant in Greenville, Maine. Though the 19 megawatt plant has been shuttered for almost a year, it is still in very good shape and was stored properly for restart. 

The Plant underwent a complete retrofit in 2006 at the cost of over 7 million dollars to meet all current green energy standards and EPA regulations. The cost to build this facility new would exceed $57 million. This is quite an auspicious transaction for Patriot Energy Services LLC.

The plant was closed last year due to unknown reasons. Johnson says he has had his team conduct an on-site survey, and their findings were very favorable, to the point that Johnson has signed an agreement to purchase. The plant is a valuable asset to the community of Greenville and has a strong workforce. Johnson intends to bring back the former employees (over 22). Although Patriot Energy Services LLC is a leader in renewable energy products, local suppliers are already in place, and Johnson plans to honor existing contracts for fuel as part of the purchase agreement to help the local economy.

Johnson also indicated that there will be some improvements to the current infrastructure, including plans for the 99 acres attached to the property and the extra steam generated to create and support a green house for commercial growers to create jobs for the area. The name of the plant will be changed to "Shannon," and Johnson plans on implementing a training school to help ecology students learn the renewable energy business first hand.

Since Patriot Energy Services LLC has its own financial resources, they will not have to look to outside investors for funding or operations, so the plant can be put into operation immediately. "Maine is a very green-energy friendly state and has many benefits for all concerned. The plant has proven to be very profitable in the past and without the debt service of past financial obligation this will be very profitable again," Johnson says.

The target for opening the plant is mid August, in the peak of the power usage. Some minor improvements will be made with major improvements coming during the first outage.

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