MORRISTOWN, N.J.--(EON: Enhanced Online News)--Eagle Creek Renewable Energy announced today that it has closed an equity financing of up to $100 million through a joint investment by Power Energy Eagle Creek LLC and Macquarie Funds Management. Power Energy Eagle Creek LLC is a joint venture between Power Energy Corporation, a wholly owned subsidiary of Power Corporation of Canada, and Claridge Inc. The capital will be used to fund complementary acquisitions, development projects, and continue Eagle Creek’s strong growth in the hydro power energy generation sector.
“The significant amount of additional capital will allow us to continue to execute against our growth plan for the company and provide strong risk-adjusted returns for our investors.”
Eagle Creek has closed numerous acquisitions of small scale hydropower asset portfolios, the most recent being the acquisition of ten operating hydro facilities in the Northeast. With the addition of the ten new facilities, Eagle Creek’s portfolio consists of thirty-nine operating hydro plants in seven states with a combined generating capacity of approximately 90 megawatts and an annual production of approximately 320 million kilowatt-hours of clean renewable energy. Eagle Creek is also constructing three new projects in the Northeast that will add 4 megawatts and 16 million kilowatt-hours to the portfolio.
“We are extremely pleased with the success of this capital raise and are particularly pleased with the quality and experience of our new investors.” said Bud Cherry, CEO of Eagle Creek. “The significant amount of additional capital will allow us to continue to execute against our growth plan for the company and provide strong risk-adjusted returns for our investors.”
Eagle Creek was advised on the capital raise by Evercore Partners, Inc.
ABOUT EAGLE CREEK RENEWABLE ENERGY
Eagle Creek was founded in 2010 with Bud Cherry as its CEO and Hudson Clean Energy Partners as its founding investor. The company acquires, develops, owns, and operates small-scale hydroelectric generating facilities throughout North America.