The companies will sell Port Clarence Energy, which is responsible for developing 40MW Port Clarence biomass project in Teesside.
Clarence biomass project on the banks of the River Tees in Stockton-on-Tees is being developed with an investment of £160m.
The power plant project, which is expected to create up to 500 jobs, was jointly initiated by Temporis and Eco2 on behalf of Port Clarence Energy two years ago.
It will use approximately 250,000 tons of waste wood per year to generate renewable energy and the plant will have an operational life of 25 years.
Planned to be commissioned in 2018, the facility will provide power 70,000 households. It will contribute to base load as well as produce heat which will be supplied to an adjacent industrial property.
Temporis Capital CEO David Watson said: "This project will have a significant positive impact on an area that continues to face some considerable economic challenges.
"We are delighted with the backing that has been shown to this development by the local authority, Stockton-on-Tees Borough Council, and the Able Group."
Eco2 CEO David Williams said: "Over the last two years alone, we have raised a total of around £0.75 billion through the sale of four biomass plants, and as a team have amassed unrivalled experience in the development, construction and operation of over 510MW of biomass projects throughout the world."
Upon completion of the transaction, Glennmont will have 100% stake in the project, which will be managed by Eco2 once commissioned.
Babcock & Wilcox Vølund will build the project while Lagan Construction will provide civil engineering services.
B&W Global Power Division senior vice president Paul Scavuzzo said: "The Teesside Renewable Energy Plant will provide clean, sustainable energy for the local community, and we’re pleased B&W Vølund’s technology and expertise were chosen for the project."
Stobart Biomass will provide waste wood for the facility from landfill sites.
