MORRISTOWN, N.J., Jan. 14, 2016 /PRNewswire/ -- Eagle Creek Renewable Energy, LLC ("Eagle Creek") announced today that it has acquired Verso Androscoggin Power LLC ("VAP") from an affiliate of Verso Corporation ("Verso"). VAP owns and operates approximately 30MW of run of river hydroelectric generation on the Androscoggin River in Maine. The four facilities supply nearly 150 million kilowatt-hours of clean, renewable energy in New England each year.
VAP contemporaneously entered into an agreement with another subsidiary of Verso to continue to supply energy from the hydroelectric facilities to support the operations of Verso's Androscoggin Mill. The hydroelectric facilities will be managed and operated by Eagle Creek and the transaction is expected to have no impact on the operations of the mill.
Bud Cherry, CEO of Eagle Creek, said: "We are extremely pleased to announce this substantial acquisition. It is an 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 is the largest and most significant addition to our portfolio to date, and it positions Eagle Creek to continue the very substantial compound annual growth and value creation we have achieved since our founding in 2010."
Eagle Creek currently owns and operates over 130 MW of hydroelectric generation from 47 facilities in nine states. These facilities produce in excess of 550 million kilowatt-hours of safe, clean, renewable energy for customers in the Midwest, Northeast and New England on an annual basis.
ABOUT EAGLE CREEK RENEWABLE ENERGY
Eagle Creek was founded in 2010 by Hudson Clean Energy Partners and raised an additional round of equity capital in 2013 led by Power Energy Eagle Creek, LLP ("PEEC") and Stafford Capital Partners. PEEC is a joint venture between a wholly owned subsidiary of Power Corporation of Canada and Claridge Inc.
Eagle Creek is an owner, operator and developer of hydroelectric generating facilities in the US and is headquartered in Morristown, New Jersey. For more information go to: www.eaglecreekre.com.
Verso Corporation (OTCQB: VRSZ) is the leading North American producer of printing and specialty papers and pulp. Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. For more information go to: www.versoco.com.
Logo - http://photos.prnewswire.com/prnh/20160114/322230LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/eagle-creek-acquires-30-mw-of-hydroelectric-generation-through-the-purchase-of-verso-androscoggin-power-llc-from-verso-corporation-300204496.html
SOURCE Eagle Creek Renewable Energy, LLC