Renewables developer Cube Hydro Partners LLC has acquired a 100% interest in 10 run-of-river hydroelectric projects from Harbor Hydro LLC, the New York-based company reported.
The plants — located in Pennsylvania, Virginia and West Virginia — have a cumulative output capacity of 83 MW.
“Hydropower is the original renewable source of electricity,” Cube Hydro CEO Kristina Johnson said. “We are excited to add these 10 plants to our platform.”
Cube Hydro Partners is a joint venture formed by Enduring Hydro. It is a portfolio company of the ISQ Global Infrastructure Fund L.P. and its affiliated funds. The company targets investments in mid-sized greenfield and operating hydro projects in the U.S. and Canada.
HydroWorld.com reported that the company had acquired a pair of small hydro plants from Burrows Paper Corp. in January, which, along with its latest acquisition, give the Cube Hydro more than 106 MW of cumulative output capacity.
“We are pleased with our hydropower platform’s expansion to a region characterized by dependable river basins, a highly efficient electricity market and a diverse off-take base,” I Squared Capital managing director Thomas Lefebvre said. “Cube Hydro is set on a successful growth path to identify attractive assets with the opportunity for future optimization through equipment upgrades and operational improvements.”
Details about the plants included in the deal and financial terms were not disclosed by the company.
HydroWorld.com reported that Harbor Hydro Holdings acquired 11 plants from FirstEnergy Corp. last February. The company is a subsidiary of LS Power Equity Partners II, LP.
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