Veolia and I Squared Capital Set to Acquire Kendall Cogeneration Station, Expanding “Green Energy” Footprint in Greater Boston Area
The Kendall Cogeneration Station uses natural gas as a primary fuel source to produce electrical and steam energy. A planned reconfiguration of the facility, including completion of Veolia's additional 7,000-foot steam pipeline extension, will deliver energy to Veolia's customers in Boston and Cambridge while further reducing greenhouse gas emissions by approximately 475,000 tons per year, or the equivalent of removing 80,000 cars from the roads.
ÒThe Kendall Cogeneration Station is core to our Boston area green energy strategy,Ó said Bill DiCroce, executive vice president and chief operating officer of Veolia Environnement North America's Municipal and Commercial Business. "We are excited to work with I Squared Capital, and continue our successful relationship with their investment team and look forward to partnering with them on other investment opportunities. We are beginning operation of our pipeline extension, which when completed will capture energy from the Kendall Station otherwise lost to the environment and use it to bring additional steam supply to Boston."
AdilRahmathulla, Partner at I Squared Capital, said, "We are pleased to partner with Veolia, a leading global company with deep knowledge and experience in the combined heat and power sector. The acquisition of Kendall Cogeneration follows our strategy of investing in the U.S. energy infrastructure sector with a focus on growth opportunities. Cogeneration facilities should be encouraged across the U.S. as a means for efficient energy consumption and carbon emissions reduction."
Terms of the agreement were not disclosed. Veolia will provide operations and management services as part of the acquisition which is expected to close this year pending regulatory approval by the Federal Energy Regulatory Commission.Veolia Energy North America
is a leading U.S. operator and developer of efficient energy solutions. Veolia Energy's district energy business operations represent the largest portfolio of efficient heating, cooling, and green steam networks in North America. Visit the company's Web sites at
. Veolia Environnement
(Paris Euronext: VIE and NYSE: VE) is the worldwide reference in environmental solutions. With 220,000 employees*, the company has operations all around the world and provides tailored solutions to meet the needs of municipal and industrial customers in three complementary segments: water management, waste management and energy management. Veolia Environnement recorded revenue of $38.8 billion* in 2012.
Twitter : @veolia.* Excluding Transdev employees and revenues currently under divestmentI Squared Capital
("ISQ") is an independent infrastructure investment and management platform that focuses on energy, utilities, and transport in US, Europe, and select high growth economies based on proprietary risk-adjusted metrics. I Squared Capital is headquartered in New York, with investment and operating teams in London, Houston, Singapore, Hong Kong, and Delhi.
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