DENVER, CO - Headwaters MB advised EWP Renewable Corporation (“EWPRC”) has partnered with a large East Coast financial institution for the sale of the federal production tax credits associated with the renewable energy produced by the Company’s three biomass facilities. Headwaters acted as sole financial advisor to EWPRC.
EWPRC is a subsidiary of Korea East-West Power (“KEWP”), a $4.0 billion revenue Korean power utility company. EWPRC’s U.S. operations include 165 MW of biomass and cogeneration capacity, and represent KEWP’s first foray into the United States. This transaction enables the Company to fully utilize the value created by operating its US-based renewable power plants.
Ted Kinsman, the transaction lead at Headwaters, mentioned, “This closing, the second in 15 months with EWPRC, reflects the results of a close client relationship with this talented management team.”
Headwaters’ Energy Group focuses on conventional and renewable power generation (e.g. biomass, hydro, solar, wind, etc.), oil & gas services, and clean technology. The terms of the transaction were not disclosed.