Eagle Creek Renewable Energy LLC announced today it has acquired Brown Bear II Hydro Holdings LLC, which owns the 19-MW Worumbo run-of-river hydroelectric facility on the Androscoggin River in Lisbon Falls, Maine.
A purchase price was not disclosed.
Eagle Creek said the facility supplies nearly 95 million kWh of clean, renewable energy in New England each year and it will operate and manage Worumbo. The facility will continue to supply energy under a power purchase agreement.
Bud Cherry, Eagle Creek chief executive officer, said, “We are extremely pleased to announce this substantial acquisition. It is an another important step in achieving our long-term growth plan of increasing the scale of Eagle Creek, providing strong risk-adjusted returns for our investors and creating significant value for all of our stakeholders. This addition to our portfolio solidifies our position on the Androscoggin River, and it positions Eagle Creek to continue the substantial annual growth and value creation we have achieved since our founding in 2010.”
In January of this year, Eagle Creek Eagle announced it purchased Verso Androscoggin Power LLC from Verso Corp., which owned four small run-of-river hydro plants on the Androscoggin River. The four facilities purchased are 3.1-MW Jay, 8.8-MW Livermore, 10.4-MW Otis and 7.8-MW Riley.
Eagle Creek paid US$62 million for the facilities associated with Verso’s Androscoggin pulp and paper mill in Jay, Maine.
In August 2015, Eagle Creek broke ground on a pair of small hydropower projects Vermont and acquired another in New Hampshire.
The projects include the 2.196-MW Ball Mountain plant in Jamaica, Vt., and 924-kW Townshend plant in Townshend, Vt., which together form what Eagle Creek calls the Blue Heron project. Both plants make use of existing U.S. Army Corps of Engineers flood control dams on the West River.