The company will use the funding to develop 21 run-of-river hydroelectric projects, which are in advanced stage of development, on existing dams in the states of Pennsylvania, West Virginia, Indiana, Mississippi and Ohio, US.

The company said that the first of these projects have already secured Federal Energy Regulatory Commission (FERC) approval for 50-year operating license, in 2014.

FFP New Hydro and Rye Development president and CEO Ramya Swaminathan said: "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)."

Upon completion, the hydro power plants are expected to generate approximately 900 gigawatt-hours of energy annually.

The projects are being developed as part of the company’s efforts to boost power generation from hydro sources by capitalizing on existing dams to contribute to carbon-free while meeting the power needs.

Crestline Investors opportunistic strategies group director James Favero said: "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."

FFP New Hydroalso operates pipeline of 23 projects, which have a combined generation capacity of approximately 280MW, in eight states.

These projects, which are in earlier stages of development, are expected to generate more than 1,300 gigawatt-hours of clean energy annually.