Kenansville was originally developed and constructed as a coal-fired generating facility. New ownership converted the plant to a biomass-fired facility. While previous attempts had been made to operate the facility on biomass fuel, Riverstone and Topaz determined that the plant’s reliability using biomass fuel could only be assured by investing the capital necessary to perform a comprehensive conversion. NMTCs were leveraged to reconstruct the facility to function with biomass feedstock several years sooner than it would have taken to accomplish with internal cash flow.