FFP New Hydro LLC announced Nov. 2 the continued expansion of its hydroelectric power portfolio in the U.S. with the acquisition of Red River Hydro, the owner of the licensed Overton Lock and Dam Project, to be located on the Red River in Louisiana at an existing lock and dam facility owned and operated by the U.S. Army Corps of Engineers.
The project is expected to have a generating capacity of 52 MW.
“The development of the Overton hydropower project will represent an investment of more than $130 million in the Rapides Parish, creating hundreds of jobs during construction, operations and maintenance,” said Ramya Swaminathan, CEO of FFP New Hydro. “The clean, reliable electricity produced by the project will be enough to power thousands of homes and will be a long term resource for the region. This strategic acquisition will allow FFP New Hydro to grow its portfolio and benefit from economies of scale, which we believe is essential to the development of new hydropower on existing dams.”
FFP New Hydro has a portfolio of 23 hydropower development projects on existing dams in states like Pennsylvania, West Virginia, Ohio and Indiana totaling over 260 MW. These projects are low impact run-of river hydropower development projects. FFP New Hydro is owned by affiliates of US Renewables Group and Crestline Investors Inc.
US Renewables Group (USRG) is one of the largest investment firms focused exclusively on the renewable energy industry with over $750 million of capital under management. USRG is headquartered in Los Angeles.
Crestline Investors is an institutional alternative investment management firm based in Fort Worth, Texas. Founded in 1997, Crestline manages $9.9 billion for institutional investors. The firm has offices in Fort Worth, New York, Toronto, Oak Brook and Tokyo.