Pacolet Milliken has acquired 100% of Georgia Renewable Power, adding two biomass power plants with a combined generating capacity of 116 MW and roughly tripling the size of its biomass platform in the United States.
The family-owned, sustainability-focused investment firm said the acquired facilities are located in Franklin County and Madison County, Georgia, and sell their electricity to Georgia Power under long-term power purchase agreements (PPAs).
The transaction was financed by Manulife, which also provided financing for Pacolet’s earlier entry into the biomass sector. Financial terms of the acquisition were not disclosed.
The deal expands Pacolet’s biomass portfolio to three facilities in Georgia, following its 2024 acquisition of Piedmont Green Power (PGP), a 55 MW biomass power plant in Barnesville.
Acquisition adds 116 MW of biomass capacity
Georgia Renewable Power’s two plants have a combined generating capacity of 116 MW and are fuelled by woody biomass.
The facilities qualify as renewable power sources under applicable federal and state standards and generate additional environmental value through the sale of renewable energy credits (RECs) on the open market.
Their long-term PPAs with Georgia Power provide contracted offtake for the electricity generated by the facilities.
The acquisition therefore adds both operating renewable-generation assets and an established power-sales structure to Pacolet’s portfolio.
Pacolet now operates three biomass facilities in Georgia
Pacolet entered the biomass sector in 2024, when it acquired Piedmont Green Power, a 55 MW facility in Barnesville.
With the addition of the Franklin County and Madison County plants, the company now has three biomass facilities operating in the same state.
Based on the stated generating capacities, the three facilities represent approximately 171 MW of combined biomass generation capacity.
Pacolet said the geographic concentration creates opportunities to share operational capabilities and generate efficiencies across the three facilities.
Lance Jordan, Co-Head and Chief Investment Officer of Pacolet Power & Infrastructure, said the Georgia Renewable Power acquisition was a natural fit with Piedmont Green Power and that operating three facilities in the same state creates meaningful operational synergies.
Woody biomass remains central to the plants
The acquired facilities use woody biomass as their primary fuel.
The plants’ qualification as renewable-generation facilities under federal and state standards enables them to participate in the renewable-energy credit market in addition to selling electricity under their PPAs.
The combination of electricity revenues and RECs provides the facilities with multiple components to their renewable-energy business model, although the acquisition announcement does not disclose plant-level generation, fuel consumption, operating margins or REC revenues.
Manulife expands financing relationship with Pacolet
Manulife provided financing for the Georgia Renewable Power acquisition, extending a relationship established through Pacolet’s purchase of Piedmont Green Power.
The companies described the financing relationship as part of their longer-term partnership in renewable infrastructure.
Nicholas Violandi, Managing Director, Power & Infrastructure Project Finance at Manulife, said the expansion of Pacolet’s biomass platform in Georgia represents a milestone for the business and that the financing supports its longer-term growth objectives.
The acquisition terms themselves were not disclosed.
Pacolet targets further US renewable investments
Pacolet said it continues to see opportunities to acquire renewable-energy assets that align with its financial and sustainability objectives.
William Crawford, CEO of Pacolet, said the Franklin and Madison facilities complement Piedmont Green Power and that the company intends to maintain its focus on safety, environmental stewardship and operating efficiency.
Jordan said Pacolet remains focused on pursuing additional renewable-energy investments across the US.
The company did not provide details of specific acquisition targets or a timeline for further expansion.
Bioenergy Business Analysis
The Georgia Renewable Power acquisition demonstrates how consolidation can reshape the operating economics of regional biomass generation. With three facilities now located in the same state, Pacolet has the potential to share operational expertise, procurement capabilities and management resources across its approximately 171 MW portfolio. The existing PPAs with Georgia Power also provide the acquired plants with established electricity offtake, while REC sales create an additional revenue stream associated with their renewable-power status.
The transaction is also significant because it adds operating biomass capacity rather than relying solely on greenfield development. For investors, the key variables to monitor will be the plants’ long-term fuel availability and costs, operating performance, PPA economics, REC-market exposure and the ability to capture the operational synergies identified by Pacolet. The company’s stated intention to pursue further US renewable acquisitions could make the Georgia platform a foundation for additional biomass consolidation, although no specific future transactions have been announced.
