Additionally, FFP New Hydro has closed the acquisition and integration of Rye Development, FFP New Hydro's manager, into the company.
FFP New Hydro has completed these transactions in order to pursue continued development of its portfolio of 21 advanced stage hydropower projects on existing dams across five states, the first of which received a 50-year license from the Federal Energy Regulatory Commission (FERC) in September of 2014.
The loan will enable FFP New Hydro to advance its portfolio of projects, totaling more than 200 megawatts of new generation capacity in Pennsylvania, West Virginia, Indiana, Mississippi, and Ohio. Once built, the projects will generate approximately 900 gigawatt-hours of energy each year.
Ramya Swaminathan, President and CEO of FFP New Hydro and Rye Development, stated:
"Hydropower is valued by the investment community for its stable cash flows, long operating life, low technology risk, and highly predictable generation based upon decades of historical river flow data. We are pleased to be managing this strong portfolio of hydroelectric power projects, all of which are now eligible for the Federal Investment Tax Credit (ITC)."
James Favero, a Director in the Opportunistic Strategies Group at Crestline Investors, commented:
"Crestline is pleased to participate in this phase of FFP New Hydro's growth. With the largest development-stage hydropower portfolio of its kind in the U.S., we believe the company is poised to achieve a significant expansion in its financeable asset base and to create a meaningful impact on the growing U.S. hydropower industry."
Joshua Haacker of USRG, majority owner of FFP New Hydro, added:
"Forming a relationship with Crestline is an important milestone in US Renewables Group's investment strategy for FFP New Hydro. The Crestline financing will enable the company to achieve significant project milestones on the path to construction which makes them an ideal partner for FFP New Hydro at this stage of the company's growth."
On the heels of the 21 advanced projects, FFP New Hydro also controls a pipeline of 23 projects in earlier stages of development and FERC licensing. These projects total approximately 280 megawatts of generation capacity across eight states, including Kentucky, Pennsylvania, Oklahoma, Louisiana, Alabama, Ohio, Mississippi, and Arkansas, and are projected to generate over 1,300 gigawatt-hours of clean energy a year once constructed.