Akeida Finances Aspen Power Project

Akeida Capital Management LLC, an environmental asset management firm focused on investing in renewable energy infrastructure, recently closed secured financing of a waste wood-fired biomass electric generation plant in Lufkin, Tex. The 57-megawatt facility is the first biomass plant to be built in Texas. Akeida provided a $14.1 million junior loan to Aspen Power LLC […]

Akeida Capital Management LLC, an environmental asset management firm focused on investing in renewable energy infrastructure, recently closed secured financing of a waste wood-fired biomass electric generation plant in Lufkin, Tex. The 57-megawatt facility is the first biomass plant to be built in Texas. Akeida provided a $14.1 million junior loan to Aspen Power LLC to complete construction of the plant which began in late 2008. Aspen Power’s sister company, Angelina Fuels, will provide the plant with approximately 1,500 tons of biomass per day from timber harvesting, sawmill and municipal cleanup activities in and around Lufkin. In addition to improving forest health, the Aspen Power facility will create approximately 50 new jobs for local residents.

Texas’ Renewable Portfolio Standard (RPS), one of the earliest enacted in the U.S., requires investor-owned and municipal utilities to obtain new renewable energy capacity based on market share of energy sales. In 2005, Texas expanded its RPS goal to 10,000 MW by 2020 with at least 500 MW generated by non-wind resources.

Aspen Power will interconnect to the Electric Reliability Council of Texas (ERCOT) electric grid. Unlike the intermittent wind resources that make up the majority of Texas’ renewable energy supply, the Aspen Power plant is a base load provider generating a steady flow of renewable power for the grid.

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