Eagle Creek Renewable Energy buys 19-MW hydro facility in Maine

Written By: Stratton Report
November 29, 2016

Eagle Creek Energy

On November 29, Eagle Creek Renewable Energy, LLC announced that it had acquired Brown Bear II Hydro Holdings, LLC, owner of the Worumbo Hydroelectric facility.

According to Eagle Creek, Worumbo is a 19-MW run-of-river hydroelectric generating facility on the Androscoggin River in Lisbon Falls, Maine. The Worumbo facility supplies energy to off-takers under a PPA.

The hydroelectric facility will be managed and operated by Eagle Creek.

Bud Cherry, CEO of Eagle Creek, commented:

“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.”

Eagle Creek emphasized that it is an owner, operator and developer of hydroelectric generating facilities, with a portfolio comprising over 161-MW of generation from 59 facilities in ten states. Eagle Creek was founded in 2010 by Hudson Clean Energy Partners and raised an additional round of equity capital in 2013 led by Power Energy Eagle Creek, LLP  and Stafford Capital Partners.  PEEC is a joint venture between a wholly owned subsidiary of Power Corporation of Canada and Claridge Inc.