Sammons Renewable Energy acquires four hydro plants to be managed by Franklin Park Investments

Written By: Stratton Report
March 3, 2017

On March 3, Franklin Park Investments, the management company for Sammons Renewable Energy, announced it would manage assets acquired from Sorgent.e Hydro Canada Corporation on behalf of SRE.

Per the firm, the deal closed on February 22, 2017. Americas Energy Services was involved in the deal providing technical services to SRE. Miller Thomson provided legal advice.

According to Franklin Park, the acquisition includes two projects totaling 21-MWs which include long term PPAs with BC Hydro. Two additional projects totaling 21-MWs have been assigned energy volumes under BC Hydro’s standard offer program.

Tom Tribone, the Chief Executive Officer of Franklin Park, SRE’s management partner noted:

Hydroelectricity is an excellent asset class for long term investors such as Sammons Renewable Energy. Our objective is to progress these projects rapidly toward construction in a manner consistent with the interests of all stakeholders. In parallel with early stage construction we will also be arranging $150 million of project level financing.

Heather Kreager, Chief Executive Officer of Sammons Enterprises, the parent company of Sammons Renewable Energy remarked: “Franklin Park has been instrumental in Sammons Renewable Energy’s ability to execute on our strategy to move into the renewables market in North America. We plan to continue to work with Franklin Park to evaluate opportunities similar to the Sorgent.e. deal to expand our renewable energy portfolio.”