Cube Hydro completes buy of ten hydropower facilities in the eastern U.S.

Cube Hydro Partners LLC, a portfolio company of the ISQ Global Infrastructure Fund, has acquired a 100% ownership interest in ten run-of-the-river hydro facilities from Harbor Hydro LLC, a portfolio company of LS Power Equity Advisors.

Totaling 83 MW of assets in Pennsylvania, Virginia and West Virginia, the portfolio benefits from favorable hydrology and is scheduled to produce approximately 255 gigawatt-hours of clean, reliable electricity per year. Following this acquisition, Cube Hydro’s combined assets will generate more than 106 MW of clean, renewable energy.

Kristina Johnson, CEO of Cube Hydro said in a Feb. 23 statement: “Hydropower is the original renewable source of electricity. We are excited to add these ten plants to our platform.”

“These additional assets allow us to optimize the performance of our existing portfolio and drive long-term value,” said John Collins, Managing Director of Cube Hydro. “Working side-by-side with I Squared Capital over the last year, we have developed a strong team to identify and execute attractive investment opportunities in hydroelectric assets.”

“We are pleased with our hydropower platform’s expansion to a region characterized by dependable river basins, a highly efficient electricity market and a diverse off-taker base,” said Thomas Lefebvre, Managing Director at I Squared Capital. “Cube Hydro is set on a successful growth path to identify attractive assets with the opportunity for future optimization through equipment upgrades and operational improvements.”

Led by former U.S. Undersecretary of Energy Kristina Johnson, Cube Hydro Partners is a hydropower development and operating platform investing in mid-sized greenfield and operating hydro projects in the U.S. and Canada.

I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. It has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.

The Federal Energy Regulatory Commission on Feb. 12 approved a change in control related to several hydroelectric facilities being bought by Cube Hydro PartnersOn Dec. 15, 2014, All Dams Generation LLCLake Lynn Generation LLC and PE Hydro Generation LLC applied for approval of a transfer of upstream ownership interests in these companies. Cube Hydro Partners was to directly or indirectly acquire 100% of the applicants’ ownership interest from Harbor Hydro.

Lake Lynn owns and operates a 52-MW hydro facility (Lake Lynn Station) located between Fayette County, Pennsylvania, and Monongahela County, West Virginia. All Dams owns and operates two run-of-river facilities with a combined capacity of 14 MW (Allegheny Lock & Dam Units 5 and 6) located in Freeport, Pennsylvania. PE Hydro owns and operates seven run-of-river stations located in Virginia and West Virginia. These facilities are:

  • The Millville Project is an approximately 2.4-MW facility located in Jefferson County, West Virginia.
  • Dam No. 4 Hydro Station (Dam No. 4) and Dam No. 5 Hydro Station (Dam No. 5) have a combined capacity of approximately 2.9 MW located in Berkeley and Jefferson counties, West Virginia.
  • The Luray and Newport Projects have a combined capacity of approximately 2.4 MW located in Page County, Virginia.
  • The Shenandoah Project is a 0.9 MW hydroelectric facility located in Page County, Virginia.
  • The Warren Project is a 0.8 MW hydroelectric facility located in Warren County, Virginia.
About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.