Ontario Power Generation completes acquisition of Eagle Creek from Hudson Clean Energy Partners
Ontario Power Generation (OPG) has completed the US$298 million deal to acquire Eagle Creek Renewable Energy.
Eagle Creek Renewable Energy LLC owns and operates a portfolio of 63 hydro-electric facilities representing 216 MW of capacity located on 45 waterways throughout the U.S and sells electricity within six power pools. The company is headquartered in Morristown, New Jersey. The hydropower plants are located in 13 states in the US, mostly in New England, New York, and mid-west regions.
The purchase price is subject to customary working capital and other adjustments on closing.
The acquisition will be funded through OPG’s corporate public debt programme or other available credit facilities.
OPG claimed that the deal will not impact electricity consumers in Ontario, and its operations will continue to function as a separate business entity.
Upon completion of the deal, Eagle Creek will continue to operate independently as a wholly owned subsidiary of OPG. It will have its own board of directors and management team.
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