Gary’s Sterling Energy Buys New York Power Company
November 15, 2013 — Gary-based Sterling Energy Group, Inc. says it has completed its purchase of Niagara Generation, LLC for an undisclosed price.
Sterling says it bought the power company from from US Renewables Group (USRG) of Santa Monica, California.
Sterling says it is a green energy independent power producer, choosing business opportunities based on their ability to use Sterling’s proprietary technologies to reduce emissions at existing facilities and to utilize opportunity fuels that reduce carbon.
It says the Niagara Generation power generating facility is converting its fuel source, after starting as a coal fired power plant in the 1990s. In 2007, USRG converted the plant to burn wood and tire derived fuel, and Sterling says it plans to predominantly fuel the plant with wood fuel, augmented by a minor amount of coal for fluidized bed solids and flame stabilization, after a scheduled deferred maintenance outage.
Sterling President and Chief Executive Officer William Harrington says, “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. 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.”
Along with its corporate office in Gary, Sterling has operations in Morgantown, Kentucky, Niagara Falls, New York, and Crawfordsville, Indiana.
Sterling Energy Group, Inc. is a privately held energy company that owns and operates a pipeline, an oil and natural gas field, with plans to begin independently producing electricity in 2014 as an exempt wholesale generator.
Los Angeles-based US Renewables Group is a private equity firm focused exclusively on investing in renewable power, biofuels and clean technology infrastructure using has three private equity funds with more than $750 million of committed capital.
Source: Sterling Energy Group Inc.