Eagle Creek Renewable Energy, LLC ("Eagle Creek") announced today that it has acquired Verso Androscoggin Power LLC ("VAP") from an affiliate of Verso Corporation ("Verso"). VAP owns and operates approximately 30MW of run of river hydroelectric generation on the Androscoggin River in Maine. The four facilities supply nearly 150 million kilowatt-hours of clean, renewable energy in New England each year.

VAP contemporaneously entered into an agreement with another subsidiary of Verso to continue to supply energy from the hydroelectric facilities to support the operations of Verso's Androscoggin Mill. The hydroelectric facilities will be managed and operated by Eagle Creek and the transaction is expected to have no impact on the operations of the mill.

Eagle Creek currently owns and operates over 130 MW of hydroelectric generation from 47 facilities in nine states, which produce in excess of 550 million kilowatt-hours in the Midwest, Northeast and New England on an annual basis.

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.

Tags:
Eagle Creek Renewable Energy   M&A   Verso  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
Energy-Regulatory-Specialist -- Other -- Other
More Stories on RetailEnergyX.com:
FT: Mitsubishi-Backed Retail Supplier 'Prepares Bid' For International Retail Supplier With U.S. Arm
Shell Acquiring 250,000 Customers From U.K. Supplier;' Octopus Acquiring 580,000 Customers
UK Retail Supplier With US Affiliate In Talks To Secure 'New Funding'; Wholesale Prices Challenge
NRG To Trim Costs, Reviews Retail Pricing Structure After Direct Energy Acquisition '
PSEG to Acquire 25% Ownership Interest in Ocean Wind