Bracebridge Generation has purchased three waterpower generation companies located in Haliburton County (Ontario, Canada).
The acquired companies are Drag River Water Power Inc. and Irondale River Water Power Inc. both located near the Village of Haliburton, and Elliott Falls Power Corporation located near Minden.
Bracebridge Generation already owns a waterpower generation plant in Bancroft with staff travelling from its Bracebridge headquarters to service the plant.
In addition to these three acquisitions the company also started construction in 2016 on a CAD16.9 million (US$12.8 million) upgrade at its Cascade Generation station in Parry Sound.
With these three acquisitions and after completion of the Cascade generation station upgrade in 2017, Bracebridge Generation will have invested CAD50 million (US$37.9 million) since 2005. The investments have increased its green waterpower generation portfolio from three generation plants producing 2 MW to nine plants producing 15 MW that at full capacity can supply up to 13,500 homes with green electricity.
Company growth has occurred through mergers, acquisitions, expansions and station upgrades resulting in ownership of waterpower generation plants throughout the provincial areas of Hastings, Haliburton, Muskoka, Almaguin and Parry Sound.
Chris Litschko, Chief Executive Officer of Lakeland Holding Ltd., said:
“These acquisitions are part of a long term strategic plan to grow our green energy generation portfolio”“Company growth over the past 10 years has resulted in our staff becoming experts in construction, operation and maintenance of green electricity generation. Important to the Elliott Falls acquisition is it provides us with the ability to upgrade that facility in the future to produce more green power.”
“After years of negotiations we are fortunate to announce these acquisitions and the commencement of a multimillion dollar upgrade in Parry Sound all within months of each other. The acquisition near Minden took seven years of negotiations. I liked this plant from the start and it was obvious the owners took as much pride as we do in its operation and maintenance. A lot can happen over seven years, so to finally obtain this generation company was very gratifying and we look forward to generating green electricity well into the future.”