Canadian power company has agreement to buy owner of Maine hydroelectric stations

JAY — A Canadian power company says it has entered into an agreement to purchase the New Jersey-based company that owns 11 hydroelectric stations in Maine.

Ontario Power Generation said on its website that it has agreed to acquire 100 percent equity in Eagle Creek Renewable Energy LLC for $298 million by the end of year.

Eagle Creek had acquired four stations associated with Verso’s Androscoggin paper mill in Jay, for $62 million in January 2016, as well as hydropower facilities associated with the Madison Mill in 2017. Ontario Power is acquiring Eagle Creek from affiliates of Hudson Clean Energy Partners and other shareholders.

Published in Press Herald, 24th August, 2018