The management company for Sammons Renewable Energy (SRE), Franklin Park Investments will be managing two hydroelectric projects located in British Columbia, Canada.
The two projects were acquired by SRE from Sorgent.e Hydro Canada Corporation (SHC). Two additional projects totaling 21 MW have been assigned energy volumes under BC Hydro’s Standard Offer Program.
Franklin Park CEO Tom Tribone said: "Hydroelectricity is an excellent asset class for long term investors such as Sammons Renewable Energy.
“Our objective is to progress these projects rapidly toward construction in a manner consistent with the interests of all stakeholders. In parallel with early stage construction we will also be arranging $150m of project level financing.”
The parent company of Sammons Renewable Energy, Sammons Enterprises CEO Heather Kreager said: “Franklin Park has been instrumental in Sammons Renewable Energy’s ability to execute on our strategy to move into the renewables market in North America.
“We plan to continue to work with Franklin Park to evaluate opportunities similar to the Sorgent.e. deal to expand our renewable energy portfolio.”
The deal closed on February 22, 2017. Americas Energy Services was involved in the deal providing technical services to SRE. Miller Thomson provided legal advice.