Ontario Power Generation enters agreement for 100% acquisition of Eagle Creek Renewable Energy

Ontario Power Generation (OGP) has entered into a purchase and sale agreement with affiliates of Hudson Clean Energy Partners and other shareholders to acquire 100% of the equity of Eagle Creek Renewable Energy LLC, an owner and operator of small hydropower facilities in the United States.

Eagle Creek, headquartered in Morristown, New Jersey, owns and operates a portfolio of 76 high-quality hydro-electric facilities representing ~230MW of capacity located on 45 waterways throughout the U.S and sells electricity within six power pools. 

The agreed purchase price is US$298 million, subject to customary working capital and other adjustments on closing. This investment will be financed through OPG’s corporate public debt program or other available credit facilities. No taxpayer dollars will be used to fund the acquisition. 

BMO Capital Markets acted as a financial advisor to OPG, while Hudson is represented by sell-side advisor, Evercore. The transaction expected to close towards the end of 2018 subject to standard U.S. regulatory approvals.