LKD – Central

Rhode Island

In 1989, in association with Hayden-Wegman, Inc., a substantial east coast engineering firm, Palmer implemented a 12,300 kW landfill gas-to-electricity facility at the Central Landfill in Johnston, Rhode Island. The landfill is the largest in New England and is owned and operated by the Rhode Island Resource Recovery Corporation, a quasi-governmental organization created by the state.

Palmer negotiated the 30-year power purchase agreement with New England Power which was approved by the Massachusetts Department of Public Utilities. State Street Bank and Trust Company provided both project finance debt for the power plant and invested equity in the gas production side of the transaction. The power plant commenced production in January 1990.

In 1996, Palmer negotiated the sale of the power plant to Ridgewood Providence Power Partners, L.P. and also brought in GE Capital as a long-term tax credit-oriented investor for the gas production side. A Palmer affiliate continued to operate and maintain the gas collection system through 2007, the end of the tax credit period.

LOCATION: Johnston, RI
DATE: 1989
TYPE: Landfill Gas to Electricity
PALMER’S ROLE: Developer, Financing Finder
AMOUNT: $23,347,000

LKD Johnston, RI Award