Greenville – October 07, 2026 -- Pacolet Milliken, LLC has acquired 100% of Georgia Renewable Power (GRP), adding 116 MW of biomass generating capacity across two Georgia plants and roughly tripling the size of its biomass platform. Financing for the deal was provided by Manulife; transaction terms were not disclosed.
Two Georgia biomass plants now sell output to Georgia Power under long-term contracts
GRP owns facilities in Franklin County and Madison County, Georgia, both fueled by woody biomass and classified as renewable power sources under federal and state standards. The plants sell electricity to Georgia Power under long-term power purchase agreements and generate renewable energy credits traded on the open market.
Acquisition builds on Pacolet's 2024 entry into biomass with Piedmont Green Power
Pacolet entered the biomass sector in 2024 through its acquisition of Piedmont Green Power, a 55 MW plant in Barnesville, Georgia. With GRP added, Pacolet now operates three biomass facilities in the state. "GRP is a natural fit alongside PGP. Operating three facilities in the same state creates meaningful operational synergies," said Lance Jordan, Co-Head and Chief Investment Officer of Pacolet Power & Infrastructure.
Manulife extends financing partnership after backing Pacolet's prior biomass purchase
Manulife, which also financed Pacolet's PGP acquisition, provided financing for the GRP transaction. Nicholas Violandi, Managing Director, Power & Infrastructure Project Finance at Manulife, said the firm was pleased to support Pacolet's long-term growth objectives through the expanded biomass platform.
William Crawford, CEO of Pacolet, called Franklin and Madison "modern, efficient facilities that complement PGP well," adding that the company will work with regulatory authorities to maintain the plants' operating standards.
Advisory teams included Vinson & Elkins, Genesis Capital and Day Pitney
Vinson & Elkins served as legal advisor to Pacolet, while Genesis Capital acted as debt financing arranger. Day Pitney served as counsel to Manulife on the transaction. Pacolet's Power & Infrastructure portfolio also includes Lockhart Power, a regulated electric utility, and Bushy Park, an industrial utilities company, alongside solar, wind and landfill gas assets.