Eagle Creek Renewable Energy, LLC has announced that it has acquired Brown Bear II Hydro Holdings, LLC, which owns the Worumbo Hydroelectric facility in Maine (US).
Worumbo is a 19 MW run-of-river hydroelectric generating facility on the Androscoggin River in Lisbon Falls. The facility supplies nearly 95 million kilowatt-hours of clean, renewable energy in New England each year.
The Worumbo facility will continue to supply energy to off-takers under a power purchase agreement. The hydroelectric 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.
Bud Cherry, CEO of Eagle Creek, said:
“We are extremely pleased to announce this substantial acquisition. 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. 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.”
As we reported in January, Eagle Creek acquired Verso Androscoggin Power LLC (VAP) from Verso Corp., for a purchase price of approximately US$62 million in cash. VAP owns four hydroelectric generation facilities associated with Verso's Androscoggin pulp and paper mill located in Jay, Maine. The four facilities purchased were 3.1-MW Jay, 8.8-MW Livermore, 10.4-MW Otis and 7.8-MW Riley.
Eagle Creek Renewable Energy currently owns and operates 59 hydroelectric facilities in the United States. The facilities produce over 680 million kilowatt-hours of clean electricity each year, enough to power over 82,000 homes.