Siena Lending Group LLC completed a $3.0 million asset-based revolving credit facility for Community Eco Power, LLC (CEP). The facility was used to acquire assets from Covanta Energy, LLC and to support the company’s working capital needs.

Headquartered in Asheville, NC, CEP provides resources to communities to implement successful waste-to energy solutions. With two facilities in western Massachusetts, CEP converts municipal waste streams into usable power for industrial clients as well as provides electric power to homes. The facilities have a 30+ year history of providing reliable power in a responsible environmental manner and employ over 70 people. CEP’s waste-to-energy facilities are part of a small, but growing segment of facilities that are targeting the over 265 million tons of household waste that is generated in the U.S. annually. Waste-to-energy facilities – like CEP’s – provide an environmentally friendly alternative to land-fills while also providing low cost power that is otherwise lost.

Larry Swinney, Director of Siena - Southeast Region, said, “We are pleased to provide the necessary financing that allowed Community Eco Power to acquire the two facilities from Covanta as well as support their future growth strategy.”

Richard Fish, President and CEO of Community Eco Power, said, “Siena gets it. They understand the challenges that face small to mid-size businesses and helped us shore-up our platform. They are very responsive and moved quickly through a tight transaction deadline. We are pleased to be working with them as the revolver helps us accelerate key elements to our business strategy.”