Eagle Creek is a privately owned entity with its largest investors being Power Energy Eagle Creek (“PEEC”) and Hudson Clean Energy Partners. PEEC is a joint venture between a wholly owned subsidiary of Power Corporation of Canada and Claridge Inc.
According to OPG, Eagle Creek, headquartered in Morristown New Jersey, owns 63 small hydropower facilities providing 216 MW of in-service capacity. For comparison, OPG’s 66 Ontario hydropower facilities provide an in-service capacity of 7,468 MW. Eagle Creek facilities are located in California, Colorado, Minnesota, Wisconsin, Michigan, Illinois, Maine, Massachusetts, New York, New Jersey, New Hampshire, Vermont, and Virginia.
This investment on behalf of Ontarians will be financed through OPG’s corporate public debt program or other available credit facilities. No taxpayer dollars will be used to fund this acquisition. BMO Capital Markets acted as a financial advisor to OPG on the Acquisition. The transaction is subject to standard regulatory approvals.
Eli Smith, CEO of Eagle Creek, said, "We have been privileged to work with Hudson to build Eagle Creek since its inception in 2010. We are especially grateful to our founding CEO, Bud Cherry, whose leadership has shaped Eagle Creek into an industry leading franchise and wish him well in his retirement. We are now looking forward to a path of continued growth and success as part of OPG”.
The transaction is expected to close in the 4th quarter of 2018.