TEANECK, N.J.–(BUSINESS WIRE)–Eagle Creek Renewable Energy, LLC (“Eagle Creek”), a portfolio company of clean energy private equity firm Hudson Clean Energy Partners, today announced its acquisition of two hydroelectric facilities in Sullivan and Orange County, New York.
“Eagle Creek’s experienced management team already has demonstrated tremendous leadership and innovation in the clean energy sector”
Based in Morristown, NJ, Eagle Creek closed on its purchase of two hydroelectric facilities, totaling 15 MW, on January 21. Eagle Creek’s newly acquired assets, advantageously located only 60 miles from New York City, include the Mongaup Falls and Rio powerhouses, dams, lakes and associated real estate and water rights.
Hudson Clean Energy Partners, which invests in renewable power, alternative fuels, energy efficiency and storage, formed Eagle Creek in 2010 as a platform to execute a small-scale hydroelectric asset roll-up strategy in the U.S. Eagle Creek’s new purchase represents the first step of its development and acquisition activities in small-scale hydroelectric generation. The company plans to continue to expand its footprint in providing clean energy to electricity consumers throughout the U.S.
Eagle Creek’s executive management team comprises several veteran energy executives including CEO Bernard “Bud” Cherry, who throughout his career has led development, design, financing, construction and operations of over 3,000 MW of electric generating capacity. Before joining Eagle Creek, Cherry was the CEO of the Foster Wheeler Global Power Group, where he played a major role in the successful turnaround of this global corporation. Eagle Creek’s management team also includes Vince Zodiaco, formerly of the Oxbow Group of Companies, as EVP of Operations; Dick Johnson, formerly of Safe Harbor Water Power Corporation, as Manager of Engineering; and Bob Gates, formerly of CT Hydro, as SVP of Operations.
“Eagle Creek’s hydroelectric facility purchases are an important step for us as we seek to acquire and develop hydroelectric assets in the Northeast and throughout the United States,” said Bud Cherry. “We look forward to safely providing clean energy for New York’s electricity consumers, and to being good neighbors and corporate citizens in the projects’ communities.”
“We are delighted by the growth of our portfolio company Eagle Creek, and we are very excited about the prospect of building a leading hydro platform company in the U.S.,” commented Neil Auerbach, Co-Managing Partner of Hudson Clean Energy Partners.
“Eagle Creek’s experienced management team already has demonstrated tremendous leadership and innovation in the clean energy sector,” added John Cavalier, Hudson’s Co-Managing Partner. “Hudson and Eagle Creek will work closely together to execute the company’s vision.”
About Hudson Clean Energy Partners
Hudson Clean Energy Partners is a private equity firm that invests in the dynamic and fast-growing clean energy market. Hudson invests in companies focused on renewable power, alternative fuels, and energy efficiency and services. Hudson’s investment strategy focuses on high-growth, asset-based, capital-intensive segments of the clean energy value chain using commercialized technologies to extract energy from wind, solar, geothermal, biomass and other renewable sources. Further information about Hudson can be found at www.HudsonCEP.com.
About Eagle Creek Renewable Energy
Eagle Creek Renewable Energy is an owner, operator and developer of hydroelectric and other renewable power projects that provide clean energy to electricity consumers in North America. Eagle Creek was founded as a platform company by its principal investor, Hudson Clean Energy Partners, in 2010 and currently owns and operates two hydroelectric facilities in New York State.