Eagle Creek Renewable Energy, LLC ("Eagle Creek") announced today that it closed on the acquisition of ten facilities in Maine, New York, and Massachusetts in three separate transactions in June, July, and August 2016. The ten facilities total approximately 12 megawatts and produce over 47 million kilowatt-hours of clean renewable electricity in an average year.
In June, Eagle Creek acquired Epico USA, Inc. which owns the Kezar Falls Upper and Lower, Ledgemere, and Hackett Mills facilities, from Epico Srl. The facilities are on the Ossipee, Little Ossipee, and Little Androscoggin rivers in southern Maine.
In July, Eagle Creek acquired the Alice Falls and Champlain Spinners facilities from a group of private investors. Alice Falls is on the AuSable River, and Champlain Spinners is on the Champlain Canal, both in northeastern New York. Eagle Creek sold its Hatfield facility in Wisconsin in a transaction with parties related to the Champlain Spinners and Alice Falls sellers.
In August, Eagle Creek acquired the Indian River, Woronoco, Turners Falls, and Pepperell facilities in Massachusetts. Also included in the acquisition is the operation of the Chicopee facility which Swift River Hydro Operations operates for the Chicopee Electric Light Department.
With these acquisitions, Eagle Creek now owns and operates 58 hydroelectric facilities in 10 states with a total installed capacity of 142 MW, producing nearly 590 million kilowatt-hours of clean renewable electricity in an average year.
Bud Cherry, CEO of Eagle Creek, said, “We are very pleased that we have been able to continue to integrate strategically-located facilities into our portfolio. These facilities will allow us to strengthen our footprint in the Northeast, bringing even stronger management to both the new facilities and Eagle Creek's existing facilities in the region. The measured and rational growth of the portfolio allows us to continue to create value for our investors while bringing a safe, professional approach to operations and environmental stewardship for the benefit of all of our stakeholders.”
ABOUT EAGLE CREEK RENEWABLE ENERGY
Eagle Creek was founded in 2010 by Hudson Clean Energy Partners and raised an additional round of equity capital in 2013 led by Power Energy Eagle Creek, LLP (“PEEC”) and Stafford Capital Partners. PEEC is a joint venture between a wholly owned subsidiary of Power Corporation of Canada and Claridge Inc. Eagle Creek is an owner, operator and developer of hydroelectric generating facilities in the US and is headquartered in Morristown, New Jersey. For more information go to: www.eaglecreekre.com.