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GreenHunter Energy (GRH) Sells Telogia, Florida Biomass Plant
According to Energy Current, GreenHunter Energy just announced the sale of its Telogia, Florida wood-powered biomass plant. The company bought the 14 MW plant in September of last year for $2.5 million. The plant was sold to Multitrade Telogia, LLC for $5.7 million in cash, including 1.7 million in debt.
Gary C. Evans, Greenhunter Energy’s Chairman and CEO, commented on the sale, saying
"The sale of this non cash flow-producing asset will allow our company to improve our liquidity position as well as redeploy our capital in a more efficient manner. In less than a six month period, GreenHunter was successful at achieving a rate of return of approximately 60 percent on this asset. We continue to evaluate new market opportunities for acquiring existing, cash flow-producing assets within the renewable energy space that are very attractive. By having a diversified portfolio of alternative energy assets, we are able to quickly concentrate management’s efforts on any one particular segment that offers the greatest returns on capital employed. Our goal is to become cash flow positive with each asset we own so as to minimize any potential future dilution to our existing shareholders during this very difficult period in the capital markets."
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