BOSTON, Aug. 25, 2015 /PRNewswire/ -- FFP New Hydro LLC announced today the continued expansion of its hydroelectric power portfolio in the U.S. with its closing of a senior loan facility with Crestline Investors, Inc., a Texas-based alternative asset management firm, and the acquisition and integration of Rye Development, FFP New Hydro's manager, into the company. FFP New Hydro has completed these transactions in order to pursue continued development of its portfolio of 21 advanced stage hydropower projects on existing dams across five states, the first of which received a 50-year license from the Federal Energy Regulatory Commission (FERC) in September of 2014.

"Hydropower is valued by the investment community for its stable cash flows, long operating life, low technology risk, and highly predictable generation based upon decades of historical river flow data," said Ramya Swaminathan, President and CEO of FFP New Hydro and Rye Development. "We are pleased to be managing this strong portfolio of hydroelectric power projects, all of which are now eligible for the Federal Investment Tax Credit (ITC)."

The loan will enable FFP New Hydro to advance its portfolio of projects, totaling more than 200 megawatts of new generation capacity in Pennsylvania, West Virginia, Indiana, Mississippi, and Ohio. Once built, the projects will generate approximately 900 gigawatt-hours of energy each year, enough to power more than 80,000 homes. Building on the company's vision to capitalize on existing dams in the U.S. in order to increase hydropower's carbon-free contribution to the nation's electricity needs, the projects will bring substantial infrastructure investment as well as clean renewable energy to these regions.

"Crestline is pleased to participate in this phase of FFP New Hydro's growth," said James Favero, a Director in the Opportunistic Strategies Group at Crestline Investors. "With the largest development-stage hydropower portfolio of its kind in the U.S., we believe the company is poised to achieve a significant expansion in its financeable asset base and to create a meaningful impact on the growing U.S. hydropower industry."

"Forming a relationship with Crestline is an important milestone in US Renewables Group's investment strategy for FFP New Hydro," said Joshua Haacker of USRG, majority owner of FFP New Hydro.  "The Crestline financing will enable the company to achieve significant project milestones on the path to construction which makes them an ideal partner for FFP New Hydro at this stage of the company's growth."

On the heels of the 21 advanced projects, FFP New Hydro also controls a pipeline of 23 projects in earlier stages of development and FERC licensing. These projects total approximately 280 megawatts of generation capacity across eight states, including Kentucky, Pennsylvania, Oklahoma, Louisiana, Alabama, Ohio, Mississippi, and Arkansas, and are projected to generate over 1,300 gigawatt-hours of clean energy a year once constructed.

About FFP New Hydro

FFP New Hydro LLC has a portfolio of 21 advanced stage hydropower development projects on existing dams in PA, WV, OH, MS, and IN, totaling over 200 megawatts (MW). These projects are low impact run-of river hydropower development projects which when constructed will provide clean, renewable power in their host communities for generations to come. FFP New Hydro is majority-owned by an affiliate of US Renewables Group.

About US Renewables Group

US Renewables Group (USRG) is one of the largest investment firms focused exclusively on the renewable energy industry with over $750 million of capital under management. USRG is headquartered in Los Angeles.

About Crestline Investors

Crestline Investors is an institutional alternative investment management firm based in Fort Worth, Texas. Founded in 1997, Crestline manages $9.9 billion for institutional investors. Investment solutions for clients include opportunistic and credit strategies, hedge fund and beta solutions, end of life hedge fund and private equity restructuring, and fiduciary co-investment programs. Crestline has 128 employees with 72 investment professionals across its offices in Fort Worth, New York, Toronto, Oak Brook and Tokyo. For more information please visit www.crestlineinvestors.com.

For Questions Please Contact:

Naynika Chaubey
US Renewables Group
+1 (310) 586-3906
naynika@usregroup.com

SOURCE FFP New Hydro LLC