Canadian utility (OPG) acquires Eagle Creek—U.S. power producer—for $300M

Ontario Power Generation (OPG) has entered into a purchase and sale agreement with affiliates of Hudson Clean Energy Partners and other shareholders to acquire 100 percent of the equity of Eagle Creek Renewable Energy LLC (Eagle Creek), an owner and operator of small hydropower facilities in the United States.

The deal is OPG’s first outside of Ontario and is aimed at earning a return for the province and shareholders.

The deal will be financed through OPG’s corporate public debt program or other available credit facilities.

Ontario has been seeking ways to lower energy prices and Premier Doug Ford promised a 12 percent reduction.

Last month the high prices helped spur a series of energy storage contracts in the province, totaling 42 MWh.