Auction for landfill waste-to-energy owner advances with bidder interest from private equity and infrastructure funds
The auction for landfill gas-to-energy owner Cube District Energy has reached an advanced stage, said two sources familiar with the situation.
Cube District Energy is a portfolio company of I Squared Capital. Houlihan Lokey has been running the process.
The process has advanced past a second round and has attracted interest from private equity and infrastructure funds alike.
The privately held company lists nine waste-to-energy plants on its LinkedIn page.
This is inclusive of a portfolio of four projects it acquired from MAS Energy and EIV Capital in 2016.
At the time of the sale, one of the projects was operational and under a 20-year power purchase agreement (PPA) with Coca-Cola to provide electricity, steam, and chilled water. The other three projects were all contracted with Georgia Power Company under 20-year PPAs.
The company also had landfill waste-to-energy systems in Massachusetts and Ohio.
I Squared did not return calls seeking comment. Houlihan Lokey declined comment on the situation.*
*This story was originally published exclusively for NPM subscribers earlier this month.