Eagle Creek Renewable Energy has completed the acquisition of approximately 30 MW of hydroelectric facilities from Madison Paper Industries, a partnership of UPM and Northern SC Paper Corp., a subsidiary of The New York Times Company. The closing of the transaction took place on July 31, 2017.
Eagle Creek has acquired the 9-MW Anson and 19-MW Abenaki facilities located on the Kennebec River in Madison, Anson, and Starks, Maine. The two facilities were part of the Madison Paper mill complex and formerly provided power to the mill until it closed in May 2016. As independent facilities owned by Eagle Creek, they will now provide approximately 150 million kilowatt-hours per year of clean, renewable energy to the New England power grid.
Eagle Creek has also acquired a minority interest in the 4-MW Brassua facility near the village of Rockwood, Maine and a majority interest in the Kennebec Water Power Company, which regulates releases from upstream storage reservoirs on the Kennebec River.
Eagle Creek CEO Bud Cherry said, “We are very pleased to add these substantial facilities to our portfolio. Together with our other recent acquisitions in Maine, Anson and Abenaki provide us with the scale to establish a more focused, regional operation, and that will allow us to give even greater attention to continuing the safe, reliable operation of these facilities.”