SAIC, The Carlyle Energy Mezzanine Opportunities Group To Provide Financing for Enova Energy Group Project; SAIC To Provide Engineering, Procurement and Construction Services Certified Renewable Energy To Power Equivalent of 37,000 Homes Project To Create 400 Jobs – 300 Construction, 100 Permanent
Science Applications International Corporation (SAIC) (NYSE: SAI) and the Carlyle Energy Mezzanine Opportunities Group (Carlyle) today announced an agreement to provide financing for construction of the $225 million Plainfield Renewable Energy (PRE) biomass project. SAIC will also provide engineering, procurement, and construction services for the project under a fixed-price, date certain contract. The PRE project is owned by a subsidiary of Enova Energy Group and located on a 27-acre site in Plainfield, Connecticut. The plant will employ Best Available Control Technology (BACT) to control emissions and is fully certified as a renewable power source in the State of Connecticut. The project will create 400 jobs — 300 during the two-years of construction and 100 direct and indirect permanent positions.
The PRE project will generate 37.5 megawatts (net) of clean energy to power the equivalent of 37,000 homes. The project will consume wood readily available from various sources such as construction and demolition (C&D) debris, recycled wood pallets, and land clearing materials. Connecticut Light & 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. The PRE project has all necessary permits to construct the facility and anticipates completion in December 2013.
The New England region has long been a leader in materials recycling, with the PRE project supporting that through the consumption of wood waste to produce renewable energy through a unique, proven and low-risk gasification process. The plant's location is also advantageous as a beneficial re-use of a former Superfund site.
"This project is great news for Plainfield, the region, and the state. It will create 400 jobs, bring more than $800,000 per year of tax revenues to the town, and increase the supply of electricity to the region. It represents exactly the type of renewable energy projects that the state should attract," said the Town of Plainfield First Selectman Paul Sweet.
"At SAIC, we help our customers tackle the growing need for a renewable and secure energy supply. This project requires an integrated set of capabilities across our energy, environment and infrastructure organization and will result in an innovative biomass facility that contributes to a secure and clean energy supply in the New England region," said J.T. Grumski, SAIC Senior Vice President and Business Unit General Manager.
"Enova is proud to work with SAIC and Carlyle on this state-of-the-art project that will not only power the community but also create jobs, foster economic growth, and promote a better world in which to live," said Zachary Steele, Chief Executive Officer of Enova Energy Group.
"We are pleased to provide financing for an important renewable power generation project at a time when other traditional sources of capital are withdrawing from the market. This transaction exemplifies our ability to find creative solutions and execute quickly for the right project," said David Albert, Managing Director of Carlyle's Energy Mezzanine Opportunities Group.
About SAIC
SAIC is a FORTUNE 500® scientific, engineering and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy & environment, health, and cybersecurity. The company's approximately 41,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. Headquartered in McLean, Va., SAIC had annual revenues of approximately $11 billion for its fiscal year ended January 31, 2011. For more information, visit http://www.saic.com/.
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About Enova Energy Group LLC
Enova Energy Group is leading independent power producer of clean energy projects and provides innovative and strategic energy solutions throughout North America. Enova is focused on renewable energy technologies in areas such as biomass, solar, and cogeneration. The company provides development, financing, and operational expertise for renewable energy projects and offers turn-key solutions for projects at any phase of development. To learn more, visit http://www.enovaenergygroup.com/.
About The Carlyle Group
The Carlyle Group is a global alternative asset manager with $148 billion of assets under management in 89 active funds and 52 fund of fund vehicles as of September 30, 2011. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions — in Africa, Asia, Australia, Europe, the Middle East, North America andSouth America. Carlyle has developed expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,200 people in 33 offices across six continents. Web:http://www.carlyle.com/; Case Studies: http://www.carlylegroupcreatesvalue.com/; Video: www.youtube.com/OneCarlyle