HydroLand announces it has acquired a 25-MW portfolio of hydroelectric facilities from Enel Green Power North America Inc.
The names of the facilities, and the purchase price, were not disclosed. The release does say that the portfolio acquired from Enel comprises 13 run-of-river facilities located throughout the Mid-Atlantic, south, and western U.S., including California. It appears one of the plants could be 1.9-MW Rock Creek in Twin Falls, Idaho.
HydroLand is a renewable energy company “transforming the way energy is created and delivered,” according to a press release. This acquisition is one of “many more to come” that will allow HydroLand to create green energy parks across America, primarily in the Northeast and West.
“The closing of this acquisition is a major step for us as we execute our plan to acquire, optimize and modernize underutilized hydroelectric facilities and ultimately turn them into green energy parks that support the transition to renewable energy,” said Cory Lagerstrom, chief executive officer of HydroLand.
Run-of-river hydroelectric plants are small when compared to large-scale hydroelectric facilities. There is tremendous potential for developing more hydropower by taking existing facilities and increasing their capacity with modern equipment and operating systems. Many of these facilities are up to 70 years old and can be retrofitted for enhanced power generating capacity and efficiency.
“Run-of-river hydro has been our company’s foundation in the US and Canada. As Enel Green Power has grown and evolved in North America, so, too, has our strategic focus to grow in areas that best support our global growth targets. We’re proud to have developed and maintained this hydropower portfolio while our focus increasingly turned to wind and solar,” said Georgios Papadimitriou, head of Enel Green Power North America.
Through a disciplined engineering and environmentally friendly approach, HydroLand is restoring and improving hydroelectric facilities to deliver modern, state-of-the-art electric generation for the grid, according to a press release.