N.J. energy investor buys Lisbon Falls hydro plant
Brown Bear Holdings LLC, which owned the 19-megawatt Worumbo hydroelectric generating plant in Lisbon Falls, has been bought by Eagle Creek Renewable Energy LLC, a Morristown, N.J., energy investor.
The purchase amount was undisclosed, the Bangor Daily News reported.
In January, Eagle Creek purchased Verso Androscoggin Power LLC, four hydroelectric generators near the Verso Corp. Androscoggin mill in Jay for $62 million.
According to Eagle Creek’s Nov. 29 news release, the Worumbo facility on the Androscoggin River, which supplies nearly 95 million kilowatt-hours of energy to New England each year, will continue to supply energy to off-takers under a power purchase agreement. The transaction is expected to have no impact on the operations of the Worumbo facility.
In the release, Bud Cherry, CEO of Eagle Creek, said the acquisition “is an another 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. This addition to our portfolio solidifies our position on the Androscoggin River, and it positions Eagle Creek to continue the substantial annual growth and value creation we have achieved since our founding in 2010.”
Eagle Creek’s portfolio comprises over 161 megawatts of power generation from 59 facilities in 10 states, for customers in the Northeast, Midwest and Mid-Atlantic.
Eagle Creek was founded in 2010.
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