Norton Herrick serves as chairman and CEO of the Herrick Company, a real estate investment company that prides itself on fast closings and has never had a foreclosure. In addition to real estate, Norton Herrick invests in entertainment, and he is a leading producer in the movie industry. Mr. Herrick also invests in green technologies, and the PowerMinn 9090 power plant is one of the Herrick Company’s unique projects.
The PowerMinn 9090 is a 55 Megawatt power plant that is located in Benson, a city in southwest Minnesota that sits along the Chippewa River. The plant, which is fueled with an estimated 700,000 tons of turkey litter and biomass, produces enough electricity to accommodate the needs of around 50,000 homes.
The financing for the project was collaborated by Prudential Capital, Metropolitan Life, and the financial services division of the John Hancock Company. Purchase and leaseback were completed by the Herrick Company and its affiliate HH Capital Advisors, LLC.
The use of turkey litter for the PowerMinn 9090 helps area farmers manage poultry litter and enables them to use the resulting ash as fertilizer for their fields. Using turkey litter and biomass materials also reduces the carbon footprint that is left by fossil fuels. This one-of-a-kind project promises increased sustainability in the state’s turkey industry.