FFP New Hydro and AECOM Capital form JV to build six hydro projects
Written By: Stratton Report
March 9, 2016
On March 9, FFP New Hydro LLC, and AECOM Capital announced the formation of Muskingum River Hydro LLC to develop six hydropower projects on the Muskingum River in southeastern Ohio and bring them to commercial operation. The projects will represent a potential investment of more than $100 million.
Ramya Swaminathan, CEO of FFP New Hydro noted: “The formation of Muskingum River Hydro LLC with AECOM Capital assures that development of the Muskingum River hydropower projects will advance to commercial operation with the benefit of the substantial resources and expertise of AECOM. We are pleased to note that less than 60 days after receipt of FERC licenses for four of these six projects, we have entered into this transformative transaction for the projects.”
AECOM Capital Chief Executive John T. Livingston commented:
“Muskingum River Hydro LLC represents an attractive opportunity for AECOM Capital to strengthen our commitment to clean energy projects and invest and develop in new hydropower on existing dams alongside the industry leading team of investors and developers at FFP New Hydro.”
The six projects, four of which have received Federal Energy Regulatory Commission (FERC) licenses, are expected to generate a total of 23 MW, These generation facilities will be added to existing lock and dam structures owned and operated by the Ohio Department of Natural Resources.
The projects are expected to start construction in 2017 and commence operations by 2018.