Eagle Creek Renewable Energy LLC has acquired Verso Androscoggin Power LLC (VAP) from an affiliate of Verso Corporation in a deal that includes four hydropower facilities with an approximate capacity of 30MW on the Androscoggin River in Maine.
VAP contemporaneously entered into an agreement with another subsidiary of Verso to continue to supply energy from the hydroelectric facilities to support the operations of Verso's Androscoggin Mill. The hydroelectric facilities will be managed and operated by Eagle Creek and the transaction is expected to have no impact on the operations of the mill.
"We are extremely pleased to announce this substantial acquisition. It is an 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," said Bud Cherry, CEO of Eagle Creek. "This is the largest and most significant addition to our portfolio to date, and it positions Eagle Creek to continue the very substantial compound annual growth and value creation we have achieved since our founding in 2010."
Eagle Creek currently owns and operates over 130MW of hydroelectric generation from 47 facilities in nine states.
