August 10 (Renewables Now) - Ontario Power Generation (OPG) will pay USD 298 million (EUR 260m) to buy New Jersey-based small hydropower plants (HPPs) operator Eagle Creek Renewable Energy LLC.
OPG has agreed to acquire the company from affiliates of Hudson Clean Energy Partners and other shareholders. The transaction is awaiting regulatory clearance and is expected to close towards the end of the year.
The buyer stressed that the investment will be financed through the company’s corporate public debt programme or other available credit facilities, and that no taxpayer money will be used.
According to OPG’s announcement, Eagle Creek has 63 small HPPs with a combined capacity of 216 MW. They are located in the states of California, Colorado, Minnesota, Wisconsin, Michigan, Illinois, Maine, Massachusetts, New York, New Jersey, New Hampshire, Vermont and Virginia.
For comparison, OPG has 66 hydroelectric plants in Ontario totalling 7,468 MW.
(USD 1.0 = EUR 0.873)