by Staff Writers
Reston VA (SPX) Oct 31, 2013
Leidos Holdings has reached an agreement on the terms pursuant to which it will assume ownership of a 37.5 megawatt (net) biomass-fueled electric generation facility, being constructed in Plainfield, Conn., by Leidos Constructors.
Acting in its capacity as a secured lender, Leidos has pursued a consensual foreclosure to assume ownership of the project company upon receipt of all necessary governmental approvals expected later this year.
Due to recent events, Leidos has taken this action to ensure the project company continues to meet its commitments and to maximize the long term value of the facility.
The facility, which will power the equivalent of 37,000 homes, is on schedule to be completed by the end of calendar year 2013. Connecticut Light and Power will purchase power from the plant based on a 15-year off-take agreement, utilizing the plant's status as a renewable power source.
Leidos intends to complete the facility as originally scheduled, qualify for relevant tax benefits, operate the plant and commence marketing efforts to sell the facility to renewable power plant investors.
"We've reached this agreement in an effort to maximize the value of our investment for our shareholders," said Leidos Chairman and CEO John Jumper. "We believe the facility is an attractive asset for potential buyers, as it is one of the only Class 1 biomass plants in the state of Connecticut.
Bio Fuel Technology and Application News
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