Burgess BioPower, LLC
Company Profile
The Company operates a 75-megawatt biomass-fueled power plant located on a 62-acre site in Berlin, New Hampshire. The Company delivers more than 500,000 megawatt hours of sustainable baseload power on an annual basis. The power plant is the fourth largest power generator in New Hampshire and the largest biomass-fueled power plant in the Northeast.
Situation
The Company realized meaningful financial and operational success throughout its history. Despite such success, the Company faced unfavorable legislation in 2023 that required the payment of a contingent liability pursuant to the Company’s legacy power purchase agreement with Eversource Energy. To preserve cash flow and restructure its balance sheet, the Company elected to terminate the agreement and file for relief under Chapter 11 of the United States Bankruptcy Code in February 2024.
Solution
SSG was retained prior to the filing to explore strategic alternatives, including a sale or restructuring of the business. SSG conducted a comprehensive sale process and targeted a broad universe of potential strategic and financial acquirers. Following several months of marketing the assets, Keyframe purchased the debt of certain senior lenders in December 2024 and emerged as the plan sponsor for the Company. The Plan was unanimously accepted by all voting classes and the Company reached settlements with several counterparties, including Eversource Energy, the pre-petition lenders, the owner / manager of the plant, and the city of Berlin, New Hampshire. The Company’s restructuring plan ultimately became effective in April 2026 following plan confirmation in June 2025. SSG’s extensive Chapter 11 transaction experience and ability to navigate complex situations allowed the Company to recapitalize its balance sheet and successfully emerge from bankruptcy with new ownership.
Keyframe Capital Partners L.P. is a New York-based special situations firm. The fund targets investments in the energy and infrastructure sectors, with a specific focus on technology and regulatory changes in energy transition.
