Cube Hydro Partners’ affiliate Cube Hydro Carolinas has acquired four hydroelectric power plants, totaling 215MW, in North Carolina from Alcoa.
The plants including High Rock, Tuckertown, Narrows and Falls, are estimated to generate about 800,000 megawatt hours (MWh) of clean, reliable electricity per year.
Cube Hydro expects the agreement to create significant economic and environmental benefits for the local community.
The company stated that it acquires and modernises hydroelectric facilities to demonstrate the value of a renewable resource such as hydropower and reduce the US’ reliance on carbon-based energy.
With this acquisition, the company presently has a portfolio and operates 19 hydroelectric power plants across 10 rivers in the states of New York, Pennsylvania, Virginia, West Virginia and North Carolina.
The combined capacity of these 19 plants is more than 373MW and 1.4 million MWh annually, enough to power about 140,000 US households.
Cube Hydro Partners CEO Kristina Johnson said: “We are excited to officially take ownership of the Yadkin Project. Investing in clean power in North Carolina has long been a goal of ours.
“We look forward to partnering with local leaders surrounding the Yadkin River to innovate and produce economic, environmental and social benefits for our new neighbors who live and work here.”
Alcoa Energy president Simon Baker said: “The transition from Alcoa Power Generating Inc. went very smoothly thanks to the dedication of so many people.
“Alcoa appreciates the years of service from the dedicated employees at the Yadkin Hydroelectric project, and we are confident that Cube Hydro will build upon the century-long legacy of providing reliable and renewable energy.”