Ontario Power Generation finalises acquisition of Eagle Creek

• 5 years ago (2018-11-30)
• David Flin

Hydropower 131 North America 1021

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Ontario Power Generation (OPG) has finalised the $224 million deal to acquire Eagle Creek Renewable Energy, a US operator of small hydropower facilities. The purchase price is subject to customary working capital and other adjustments on closing. Eagle Creek operates 63 small hydropower facilities with 216 MW of in-service capacity. These facilities are located in 13 US states, mostly in New England, New York, and the mid-West.

Mike Martelli, President of OPG Renewable Generation, said: “As Ontario’s largest electricity generator, we have been stewards of hydropower assets for more than a century, and we are proud to continue that legacy with this acquisition. We look forward to a path of continued growth and success with Eagle Creek.”

The acquisition will be funded through OPG’s corporate public debt programme and other available credit facilities. Upon completion of the deal, Eagle Creek will continue to operate independently as a wholly owned subsidiary of OPG. It will have its own board of directors and management team.