Under the transaction, Eagle Creek has acquired ownership or leasehold interests in 26 facilities with a total generating capacity of approximately 40MW, producing approximately 160,000MWh of clean renewable energy in a typical year. The remaining North American Hydro entities and generating facilities will be retained by William D. Harris, one of company’s current owners.
Eagle Creek currently owns and operates three hydroelectric facilities on the Mongaup River in the US State of New York. These facilities have a total generating capacity of 20MW, producing approximately 60,000 MWh in a typical year.
“North American Hydro is one of the premier independent hydroelectric groups in the US,” said Bud Cherry, CEO of Eagle Creek. “This deal provides a significant growth platform for Eagle Creek, creating an opportunity for superior economic performance. The structure also supports continued excellence in operations, maintenance, dam safety, and regulatory compliance provided by the outstanding management and operations teams at the facilities.”
The acquisition is a key part of the Eagle Creek growth plan. Upon completion of the transaction, Eagle Creek will own and operate facilities with over 60MW of capacity, producing average annual generation of approximately 220,000 MWh. The combined workforce will exceed 100 renewable energy industry professionals.
“I am very pleased to combine the strengths of North American Hydro, built over the last 35 years, with those of a high quality, strategic company like Eagle Creek, whose team shares my vision for growth,” said Chuck Alsberg, CEO and co-founder of North American Hydro. “The combination of the two companies’ assets and management teams will produce significant growth and continued excellence in the critical small hydro industry segment.”
North American Hydro will remain headquartered in Neshkoro, WI. Eagle Creek will maintain its corporate headquarters in Morristown, NJ.
