Ontario Power Generation (OPG) has agreed to acquire Eagle Creek Renewable Energy (Eagle Creek), an independent power producer and operator of hydro-electric facilities in the US, from affiliates of Hudson Clean Energy Partners (Hudson) and other shareholders.
Image: Ontario Power Generation (OPG) has agreed to acquire Eagle Creek Renewable Energy. Photo by rawpixel on Unsplash
The closing of the transaction is subject to standard US regulatory approvals. Hudson is represented by sell-side advisor, Evercore.
Eagle Creek, headquartered in Morristown New Jersey, owns and operates a portfolio of 76 high-quality hydroelectric facilities representing nearly 230MW of capacity located on 45 waterways throughout the US and sells electricity within 6 power pools. Eagle Creek’s platform is one of the fastest growing, most diversified fleets in the country.
Eagle Creek CEO Eli Smith said: “We have been privileged to work with Hudson to build Eagle Creek since its inception in 2010. We are especially grateful to our founding CEO, Bud Cherry, whose leadership has shaped Eagle Creek into an industry leading franchise and wish him well in his retirement. We are now looking forward to a path of continued growth and success as part of OPG.”
Source: Company Press Release