Casella Waste Systems, Inc. has closed on a transaction selling its Timber Energy Resources, Inc. subsidiary, which includes a biomass incinerator located in Telogia, Florida and a wood chipping facility located in Cairo, Ga.
The company sold the Timber Energy facilities to NRG Telogia Power LLC, an affiliate of NRG Energy, Inc. of Minneapolis, Minn. The total sale price of approximately $18 million included the elimination of approximately $7.3 million in debt and cash proceeds of approximately $10.7 million, which the company said it would use to pay down debt under its senior credit facility.
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