Headwaters MB advised Mt Poso Cogeneration Company L.P. on a $40 million convertible tax equity investment with DTE Energy Services to fund the conversion of a 49.5 MW coal-fired power plant to burn biomass located near Bakersfield, California.
C.J. Hummel, Director at Headwaters MB added, “Converting the Mt Poso power plant from coal to biomass created substantial long-term value, but monetizing tax benefits in today’s capital environment is challenging. This transaction yielded an attractive valuation for departing shareholders and put the company on firm financial footing.”
About Headwaters MB
Headwaters MB is an independent, middle-market investment banking firm with practices in consumer products, energy, industrial technology, life sciences, mining & minerals, supply chain & logistics, technology & telecommunications and waste management & recycling. Headwaters provides strategic merger and acquisitions advisory and corporate finance services with specialty products in early stage financing and bank debt formation. Headwaters is headquartered in Denver, CO, with offices in Boise, ID, Boston, MA, Burlington, VT, Chicago, IL, Orange County, CA, Palm Beach, FL and San Francisco, CA. For more information, visit www.headwatersmb.com.