COSTA MESA, Calif., July 28 /PRNewswire/ — EPS Corp, an industry leader in managing energy use and carbon reduction solutions for industrial and manufacturing companies, announced today the completion of its transaction to acquire 100% ownership of three cogeneration power plants operating at Dean Foods Company’s facilities. Terms of the transaction were not disclosed. This acquisition is consistent with EPS Corp’s ongoing strategy to design, build, own and operate onsite renewable and clean energy systems, including cogeneration plants, to better manage customers’ carbon reduction and energy needs.
Located at Dean Foods facilities in City of Industry, CA, and in Franklin and Lynn, MA, the three cogeneration plants each have the capacity to supply the individual facilities with 1,960 kilowatts of power. This adds nearly six megawatts of cogeneration power, for a total portfolio of approximately 10 megawatts at Dean Foods facilities under the ownership of EPS Corp. The purchase of these three plants includes a ten-year energy purchase agreement with Dean Foods valued at approximately $100 million over its term.
“These cogeneration systems supplement an important part of Dean Foods operations and sustainability program by reducing our consumption from the electrical power grid,” said Dale Bunton, Vice President, Energy Management for Dean Foods. “This configuration improves our system efficiencies by recovering waste heat to produce steam and hot water and reducing carbon emissions. These generators provide approximately thirty percent of our facilities’ requirements for thermal and electric use.”
“Cogeneration is a significant tool in our Control-Replace-Shift(TM) strategy to reduce the carbon emissions and energy use of our major industrial and manufacturing customers,” said Jay Zoellner, EPS Corp President and CEO. “Our approach provides the best return on investment for energy sustainability. We are very pleased to have implemented this long-term strategy on behalf of Dean Foods as an indicator of our success in long term relationships with our customers,” he said.
The three plants were originally designed and built by EPS Corp for an investor group in which EPS held a 20% interest. EPS acquired the remaining 80% interests to better meet the customer’s needs and solidify its position in the marketplace as a key provider of these important energy sustainability projects.
About Dean Foods:
Dean Foods Company is the largest processor and distributor of milk and other dairy products in the United States. The Company sells milk and a full range of other dairy products under more than 50 well-known local and regional brands and a wide array of private labels. The Company’s WhiteWave-Morningstar division produces a variety of nationally branded dairy and dairy-related products, such as Horizon Organic (R) dairy products, Silk (R) soymilk, and International Delight (R) coffee creamers. The division’s Rachel’s Organic (R) brand is the largest organic milk brand and second largest organic yogurt brand in the United Kingdom.