Cycleenergy Aquires Two Biomass Plants

Austrian bioenergy group Cycleenergy has acquired controlling interest in Greenpower Projektentwicklungs GmbH. The deal expands the company’s biomass portfolio by 16 megawatts (MW) to a total of 22 MW. Financial details were not disclosed.

Greenpower operates two wood chip CHP facilities in Upper and Lower Austria, each with an electric capacity of 2 MW. The plants have been in operation since middle of 2007. The plants are expected to generate more than €5 (USD$7.25 million) million in additional revenue and bring the total assets under Cycleenergy’s management to more than €20 million (USD$ 29 million).

“This is the first in a series of acquisitions and new construction projects that we are working on. These are very well conceived power stations that have been built to the highest standards. We are happy to have Porr as a partner in this joint venture,” said Stephan Schuster, COO of Cycleenergy.

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