Texas, United States [RenewableEnergyWorld.com] GreenHunter Renewable Power LLC, a wholly-owned subsidiary of GreenHunter Energy Inc., announced the closing on the sale of its 14-megawatt (MW) wood waste-fired biomass power plant located in Telogia, Florida.
Having initially acquired the Telogia biomass power plant in September of 2008 for approximately US $2.5 million in cash, GreenHunter Renewable Power sold the asset for $5.7 million in cash, which included the assumption of approximately $1.7 million in debt. The new owner, Multitrade Telogia LLC, is a Virginia Limited Liability Company.
“The sale of this non cash flow-producing asset will allow our Company to improve our liquidity position as well as redeploy our capital in a more efficient manner. In less than a six month period, GreenHunter was successful at achieving a rate of return of approximately 60% on this asset. We continue to evaluate new market opportunities for acquiring existing, cash flow-producing assets within the renewable energy space that are very attractive,” said Gary Evans, chairman, president and CEO of GreenHunter Energy.