Morristown-based Eagle Creek Renewable Energy announced Tuesday it has closed equity financing of up to $100 million. The financing results from a joint investment by Power Energy Eagle Creek LLC and Macquarie Funds Management.
According to the announcement, Power Energy Eagle Creek LLC is a joint venture between Power Energy Corp., a wholly owned subsidiary of Power Corp. of Canada, and Claridge Inc. The capital will be used to fund complementary acquisitions, development projects, and continue Eagle Creek's growth in the hydropower generation sector.
Eagle Creek has closed numerous acquisitions of small-scale hydropower asset portfolios, the most recent being the acquisition of 10 operating hydro facilities in the Northeast.