Greenville Steam Co. up on the market

By Diana Bowley, BDN Staff
Posted Aug. 22, 2008, at 11:35 p.m.

GREENVILLE — Greenville Steam Co., one of the community’s larger employers, is up for sale.

General manager Scott Hersey confirmed to selectmen Wednesday that employees were told the owners are entertaining the sale of the company’s assets.

New Energy Capital acquired the 16-megawatt, biomass-fired power generation facility from Hafslund USA Inc. in February 2006. The company has since upgraded the facility to 17 megawatts.

Jim McNamara, New Energy Capital’s chief operations officer, told selectmen Wednesday the company had invested much for the upgrade of the steam plant. He said the “people who control the purse strings,” a venture capital group, want the company sold.

New Energy Capital Corp. is a New England-based company that invests in, owns and operates renewable energy and distributed generation projects, according to the company’s Web site. The company is funded by VantagePoint Venture Partners, one of the nation’s largest and most active venture capital firms, and the California State Teachers’ Retirement System.

“Greenville Steam is doing well now; there were some hiccups along the way,” McNamara said Wednesday. The sale, he said, in no way reflects on the long term viability of the plant.

Outside the meeting, McNamara said the fact the property is on the market should not affect the company’s 25 employees. New Energy will continue its operation until a buyer is found, he said.

Greenville Steam Co. has been in operation since 1985.

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http://bangordailynews.com/2008/08/22/news/greenville-steam-co-up-on-the-market/ printed on December 22, 2014