Gary Company Completes PurchasePosted: Updated:
Gary-based Sterling Energy Group Inc. says it has completed the purchase of Niagara Generation LLC in New York. Sterling also has operations in Crawfordsville and Kentucky.
November 14, 2013
Gary, Ind. -- Sterling Energy Group, Inc. ("Sterling"), a green energy independent power producer, has completed the purchase of Niagara Generation, LLC from US Renewables Group ("USRG") of Santa Monica, CA for an undisclosed sum.
The Niagara Generation power generating facility began as a coal fired power plant in the 1990s and in 2007, USRG converted the plant to burn wood and tire derived fuel. After a scheduled deferred maintenance outage, Sterling intends to predominantly fuel the plant with wood fuel, augmented by a minor amount of coal for fluidized bed solids and flame stabilization.
"We're delighted to have completed the purchase of Niagara Generation, LLC and to have preserved the jobs in New York, while supplying the area with green energy," said William Harrington, President & CEO of Sterling Energy Group, Inc. "The State of New York and local officials have been very welcoming in our desire to make this a sustainable plant and will add a minimum of 20 jobs in Niagara Falls, NY. With job creation and green energy production as our core business, we intend to establish a support center in the Midwest to support all of our power generating facilities and oil and gas production." Sterling currently has its corporate office located in Gary, IN with operations in Morgantown, KY; Niagara Falls, NY; and Crawfordsville, IN.
Sterling Energy Group, Inc. is a privately held energy company. Sterling owns and operates a pipeline, an oil and natural gas field, and it will begin independently producing electricity in 2014 as an "exempt wholesale generator." Sterling chooses opportunities based on its ability to introduce its proprietary technologies to clean-up emissions at existing facilities and to utilize opportunity fuels that reduce carbon. This approach blended with combined heating and power through the use of steam loops where more conventional fuels are required is good for plant viability, creation and preservation of jobs, sustainable electricity at competitive prices, and improvement of the environment.
About US Renewables Group (USRG)
US Renewables Group (www.usregroup.com) is one of the largest private equity firms focused exclusively on investing in renewable power, biofuels and clean technology infrastructure. Founded in 2003, USRG has three private equity funds under management with more than $750 million of committed capital.
In addition to project investing, USRG has made strategic investments in companies that support the renewable energy industry and companies that scale proven technologies for commercial applications. USRG has made 19 diversified investments across three funds. Headquartered in Los Angeles, USRG also has offices in New York.
Source: Sterling Energy Group Inc.