Glen Park Hydro LLC, an affiliate of Cube Hydro Partners, has acquired a 100 percent ownership interest in the 32.65 MW Glen Park hydro power generation plant from the Alberta headquartered company, Veresem for about US$61 million.
Glen Park, which began commercial operations in 1986, is a 32.65 MW run-of-the-river facility on the Black River near Watertown, New York, and is expected to produce approximately 150,000 MW-hours of clean electricity per year.
Cube Hydro acquires and modernizes hydroelectric facilities. The firm currently manages 15 plants in New York, Pennsylvania, Virginia and West Virginia with a total capacity of 159 MW and approximately 620,000 MW-hours annually.
When publicly announced pending acquisitions close, Cube Hydro Partners will manage 19 plants on ten rivers in five states with a combined capacity of more than 373 MW, generating 1.4 million MW-hours annually, or enough electricity to power approximately 140,000 homes with renewable energy.
Dr. Kristina M. Johnson, CEO of Cube Hydro Partners and former Under Secretary at the U.S. Department of Energy, said:
“We are excited to add this well-run and maintained facility to our portfolio in New York, a state that values clean energy generation.”
John Collins, Managing Director for Business Development of Cube Hydro Partners, stated:
“By adding Glen Park, Cube Hydro continues to grow and diversify its hydroelectric portfolio in the New York market,”
Don Althoff, Veresen president and chief executive officer, said:
"The sale of Glen Park reflects our continuing efforts to optimize our portfolio. This divestiture provides additional flexibility beyond our expected [dividend reinvestment plan] proceeds to fund our contracted growth program."