GREC is a 100MW biomass power plant currently under construction in Gainesville, Florida.
GREC began construction in March 2011 and is expected to generate power by late 2013.
The other ownership stakes in GREC remain unchanged and the original American Renewables development team continues to oversee the construction of GREC.
Under a 30 year power purchase agreement, the City of Gainesville, Florida, doing business as Gainesville Regional Utilities will buy energy, capacity and environmental attributes from GREC.
Upon completion, the biomass energy facility will generate clean, renewable power for about 70,000 households.
GREC closed on financing in June 2011 with a consortium of investors led by Energy Management.
