Cube Hydro New York LLC has acquired two small hydroelectric plants in New York from Burrows Paper Corp.
The plants were acquired when Cube Hydro New York, a wholly-owned subsidiary of Cube Hydro Partners LLC, bought Burrows’ ownership interests in Lyonsdale Associates. Lyonsdale owns and operates a 3-MW hydro facility in Lyonsdale, N.Y., and is the general partner of Little Falls Hydroelectric Associates, which owns and operates the 13.6-MW Little Falls hydro facility in Little Falls, N.Y.
Both hydro facilities have been operating since 1986.
“Cube Hydro is excited to close on the acquisition of Lyonsdale Associates and assume control of the Lyonsdale and Little Falls hydro plants,” said Kristina Johnson, president and chief executive officer of Cube Hydro.
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.
Enduring Hydro invests in, develops and modernizes hydroelectric facilities. The company is building a portfolio of hydroelectric assets through direct investment in and acquisition of existing assets and the development of new hydroelectric generation facilities that provide attractive risk-adjusted returns.
Burrows operates four paper mills and six packaging converting facilities. The company operated and maintained the two hydro facilities since they commenced commercial operations.
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