Carlyle Group to finance $225m biomass project

Defense services contractor SAIC Inc and private equity firm Carlyle Group said they will provide financing for construction of a $225m renewable energy biomass project in Connecticut, US.

The project, which is expected to be completed in December 2013, will generate 37.5 MW of clean energy to power the equivalent of 37000 homes using wood and has all necessary permits, the companies said.

The Plainfield Renewable Energy project, owned by a unit of Enova Energy Group, will create 400 jobs, the companies said in a joint statement.

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