The plant, which will be constructed by Leidos Constructors, will power around 37,000 homes and will sell its output to Connecticut Light & Power under a 15-year off-take agreement.
Leidos chairman and CEO John Jumper said that the company has reached the agreement to assume the ownership in order to maximize the value of its investment for the shareholders.
"We believe the facility is an attractive asset for potential buyers, as it is one of the only Class 1 biomass plants in the state of Connecticut," added Jumper.
Leidos is expected to commission the facility on schedule, qualify for relevant tax benefits, operate the plant and start marketing efforts to sell the facility to renewable power plant investors.
