Cube Hydro Partners affiliate Cube Hydro Carolinas has signed an agreement to acquire four hydroelectric power plants located on the Yadkin River in North Carolina from Alcoa Power Generating.
With a combined power generation capacity of 215MW, the four hydro power plants are located in High Rock, Tuckertown, Narrows and Falls.
Cube Hydro Partners CEO Dr Kristina Johnson said: “We are excited to expand our presence into North Carolina to operate and upgrade the plants on the Yadkin River.
“We are committed to being good stewards of these well-run hydropower plants that have a long history of generating reliable, carbon-free electricity.”
Upon completion of the acquisition, Cube Hydro plans to upgrade the four projects, which are expected to generate nearly 800,000 megawatt-hours (MWh) of clean electricity annually.
APGI Yadkin relicensing manager Ray Barham said: “We will continue to promote economic development opportunities at the Badin Business Park and are confident that Cube Hydro will build on our century-long legacy of generating clean, renewable energy and protecting the natural resources of the region.”
After the completion of the Yadkin project and other acquisitions, Cube Hydro Partners will have 19 plants on ten rivers with combined capacity of more than 373MW.
The company currently owns and operates 14 plants in New York, Pennsylvania, Virginia and West Virginia.