Home News Canada Ontario Energy Technology buys U.S. renewable vitality agency for $388M

Ontario Energy Technology buys U.S. renewable vitality agency for $388M

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TORONTO — Ontario’s government-owned energy firm is making its first foray exterior the province, saying a deal to purchase New Jersey-based Eagle Creek Renewable Vitality for $388 million.

Ontario Energy Technology says Eagle Creek owns 63 small hydropower amenities in the US offering a complete of 216 megawatts of capability.

The privately held goal firm’s two largest traders are U.S.-based Hudson Clear Vitality Companions and a three way partnership owned by Energy Corp. of Canada and Claridge Inc., an funding agency owned by Canada’s Stephen Bronfman household.

Ontario Energy says Eagle Creek has about 160 workers and its amenities are positioned in California, Colorado, Minnesota, Wisconsin, Michigan, Illinois, Maine, Massachusetts, New York, New Jersey, New Hampshire, Vermont and Virginia.

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The transaction is anticipated to shut by the top of 2018.

Ontario Energy says the funding is being made on behalf of Ontarians however no taxpayer will likely be used within the buy; quite, it is going to be financed via company public debt or different credit score amenities.

“By increasing our core enterprise with this buy, OPG is capitalizing on a brand new development alternative by investing in a strategic set of hydroelectric property that can produce a lovely return for our shareholder, the province of Ontario,” mentioned CEO Jeff Lyash in an announcement.

He mentioned the deal may have no influence on Ontario utility payments.

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