Cube Hydro Carolinas has completed acquisition of the Yadkin Hydroelectric project from Alcoa Corporation in North Carolina, US for an undisclosed price.
The Yadkin Hydroelectric project bought by the Cube Hydro Partners comprises four hydroelectric power plants located along the Yadkin River which have a combined capacity of 215MW.
Named as High Rock, Tuckertown, Falls and Narrows, the power plants are likely to generate around 800,000MWh of clean energy annually.
Cube Hydro Partners CEO Kristina Johnson said: “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.”
Cube Hydro’s acquisition is likely to provide the local community with significant economic and environmental benefits.
Alcoa Energy president Simon Baker said: “The transition from Alcoa Power Generating 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.”
Following the addition of the hydroelectric power plants along Yadkin, Cube Hydro Partners has increased its portfolio to 19 plants on 10 rivers spread across New York, Pennsylvania, Virginia, North Carolina and West Virginia.
Put together, the plants have combined capacity of over 373 MW, with a yearly generation capacity of 1.4 million MWh which is equivalent to the electricity required for about 140,000 homes with renewable energy.
In August 2016, another affiliate of Cube Hydro Partners, Glen Park Hydro purchased a 33MW hydro power generation plant along the Black River near Watertown, New York.