Eagle Creek Renewable Energy, LLC announced Nov. 29 that it has acquired Brown Bear II Hydro Holdings, LLC, which owns the 19-MW Worumbo Hydroelectric facility in Maine.
Worumbo is a 19-MW run-of-river hydroelectric generating facility on the Androscoggin River in Lisbon Falls, Maine. The facility supplies nearly 95 million kilowatt-hours (KWh) of renewable energy in New England each year.
Brown Bear II Hydro is evidently an ArcLight Capital Partners affiliate that was formally known as Miller Hydro Group.
The Worumbo facility will continue to supply energy to off-takers under a power purchase agreement, Eagle Creek said in a news release.
The hydro facility will be managed and operated by Eagle Creek, and the transaction is expected to have no impact on the operations of the Worumbo facility.
“It is an another important step in achieving our long-term growth plan of increasing the scale of Eagle Creek, providing strong risk-adjusted returns for our investors and creating significant value for all of our stakeholders,” said Eagle Creek CEO Bud Cherry. “This addition to our portfolio solidifies our position on the Androscoggin River, and it positions Eagle Creek to continue the substantial annual growth and value creation we have achieved since our founding in 2010.”
The Eagle Creek portfolio comprises over 161 MW of generation from 59 facilities in 10 states. These facilities annually produce in excess of 680 million KWh of renewable power for customers in the Northeast, the Midwest, and the Mid-Atlantic. Eagle Creek is headquartered in Morristown, New Jersey.
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.