September 22, 2017
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New Jersey investors buy hydropower dams at defunct Maine paper mill

By Darren Fishell, BDN Staff
Updated:
Ashley L. Conti | BDN | BDN
Ashley L. Conti | BDN | BDN
Lumber is processed in Madison, March 30, 2016.

New Jersey-based Eagle Creek Renewable Energy has purchased the hydroelectric facilities that until May 2016 powered Madison Paper Industries.

Eagle Creek said it closed the sale July 31. It did not disclose the terms.

The company also said it purchased a minority interest in the 4-megawatt Brassua hydropower facility in Rockwood, near Moosehead Lake, and a majority interest in the Kennebec Water Power Co., which regulates upstream releases from reservoirs on the river.

The deals add to Eagle Creek’s growing portfolio of hydropower facilities in Maine. It purchased generators that power Verso’s Androscoggin mill for $62 million in January 2016 and in December purchased the generators at the former Worumbo Mill in Lisbon Falls.

The purchase in Madison includes the 9-megawatt Anson and 19-megawatt Abenaki hydropower operations located in Madison, Anson and Starks.

Rather than powering industrial operations at the mill site, Eagle Creek said the company plans to put that power onto the regional grid. The company said it expects to generate sufficient electricity to power about 21,000 homes per year, based on an average monthly use of about 600 kilowatt-hours.

Eagle Creek CEO Bud Cherry said in a statement that the Madison purchase and the company’s other acquisitions “provide us with the scale to establish a more focused, regional operation, and that will allow us to give even greater attention to continuing the safe, reliable operation of these facilities.”

Eagle Creek owns approximately 220 megawatts of hydropower capacity across the country and two solar companies in New England.

Power Energy Eagle Creek and Hudson Clean Energy Partners are the largest investors in Eagle Creek, which is headquartered in Morristown, New Jersey. Power Energy Eagle Creek is a joint venture between a subsidiary of Power Corp. of Canada and Claridge Inc.

 


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