MORRISTOWN, N.J., Nov. 29, 2016 /PRNewswire/ -- Eagle Creek Renewable Energy, LLC ("Eagle Creek") announced today that it has acquired Brown Bear II Hydro Holdings, LLC, which owns the Worumbo Hydroelectric facility. Worumbo is a 19 megawatt run-of-river hydroelectric generating facility on the Androscoggin River in Lisbon Falls, Maine. The facility supplies nearly 95 million kilowatt-hours of clean, renewable energy in New England each year.
The Worumbo facility will continue to supply energy to off-takers under a power purchase agreement. The hydroelectric facility will be managed and operated by Eagle Creek, and the transaction is expected to have no impact on the operations of the Worumbo facility.
Bud Cherry, CEO of Eagle Creek, said, "We are extremely pleased to announce this substantial acquisition. It is an another important step in achieving our long-term growth plan of increasing the scale of Eagle Creek, providing strong risk-adjusted returns for our investors and creating significant value for all of our stakeholders. This addition to our portfolio solidifies our position on the Androscoggin River, and it positions Eagle Creek to continue the substantial annual growth and value creation we have achieved since our founding in 2010."
ABOUT EAGLE CREEK RENEWABLE ENERGY
Eagle Creek is an owner, operator and developer of hydroelectric generating facilities. Its portfolio comprises over 161 MW of generation from 59 facilities in ten states. These facilities annually produce in excess of 680 million kilowatt-hours of safe, clean, renewable energy for customers in the Northeast, the Midwest, and the Mid-Atlantic States. Eagle Creek is headquartered in Morristown, New Jersey.
Eagle Creek was founded in 2010 by Hudson Clean Energy Partners and raised an additional round of equity capital in 2013 led by Power Energy Eagle Creek, LLP ("PEEC") and Stafford Capital Partners. PEEC is a joint venture between a wholly owned subsidiary of Power Corporation of Canada and Claridge Inc.