Elizabeth A. Ingram, Senior Editor, HRW-Hydro Review Worldwide
April 09, 2012 | 0 Comments
Morristown, N.J. -- Eagle Creek Renewable Energy has purchased the majority of the companies and hydroelectric generating facilities owned by North American Hydro Holdings.
New Jersey-based green energy firm Eagle Creek now has ownership or leasehold interests in 26 facilities with a total capacity of about 40 MW. The company says the remaining North American Hydro properties will be retained by William D. Harris, one of that company's current owners.
Before this transaction, Eagle Creek owned and operated three hydroelectric facilities on New York's Mongaup River, which the company acquired in early 2011. Those plants have a combined output of about 20 MW.
"This deal provides a significant growth platform for Eagle Creek," says Bud Cherry, chief executive officer. "The structure also supports continued excellence in operations, maintenance, dam safety and regulatory compliance provided by the outstanding management and operations teams at the facilities."
Financial details of the transaction were not disclosed.
Eagle Creek was founded in 2010 to own, operate and acquire small hydroelectric generating facilities throughout North America. North American Hydro was founded in 1979 and has acquired hydro plants and portfolios from private companies and utilities.