Headwaters MB announced that EWP Renewable Corporation (“EWPRC”) has partnered with a large East Coast financial institution for the sale of the federal production tax credits associated with the renewable energy produced by the Company’s three biomass facilities. Headwaters acted as sole financial advisor to EWPRC.
EWPRC is a subsidiary of Korea East-West Power (“KEWP”), a $4.0 billion revenue Korean power utility company. EWPRC’s U.S. operations include 165 MW of biomass and cogeneration capacity, and represent KEWP’s first foray into the United States. This transaction enables the Company to fully utilize the value created by operating its US-based renewable power plants.
“With the structuring complexities inherent in tax equity, Headwaters’ professionalism and tax equity expertise was invaluable throughout this process. We are now well positioned to execute our long-term growth strategy,” said Terry Williams, President & CEO of EWPRC.
Ted Kinsman, the transaction lead at Headwaters, mentioned, “This closing, the second in 15 months with EWPRC, reflects the results of a close client relationship with a talented management team.”
EWPRC owns and operates 165 megawatts of renewable energy and cogeneration electric producing facilities, as well as high-reliability and clean “renewable firming” natural gas peaking plants. EWPRC was purchased in 2010 by EWP America, Inc., an affiliate of Korea East-West Power Co., Ltd. (EWP) based in Seoul, South Korea. EWPRC directly employs approximately 100 Americans in permanent positions in management and operations of these renewable, green and clean energy facilities, plus indirectly funds the employment of hundreds of additional stable positions within the local areas where EWPRC operates its three renewable energy biomass plants in California and New Hampshire. For information please contact Melissa Moehrke, (619) 232-6564