Eagle Creek Renewable Energy has closed an equity financing of up to US$100 million that will be used to fund acquisitions, development projects and the company's growth in the hydroelectric power sector.
The financing is a joint investment between Macquarie Funds Management and Power Energy Eagle Creek LLC, which is an entity comprised of Claridge Inc. and Power Corporation of Canada-subsidiary Power Energy Corporation.
"We are extremely pleased with the success of this capital raise and are particularly pleased with the quality and experience of our new investors," Eagle Creek CEO Bud Cherry said. "The significant amount of additional capital will allow us to continue to execute against our growth plan for the company and provide strong risk-adjusted returns for our investors."
The New Jersey-based company recently announced its acquisition of 10 small hydropower projects from Algonquin Power, giving Eagle Creek an overall portfolio consisting of 39 plants in seven states. The plants have a combined output capacity of about 90 MW, with an additional 4 MW to be added by three projects currently in the construction phase.
For more business news, visit here.