FFP New Hydro Developing 21 New Hydroelectric Projects In 5 States
A significant number of new run-of-river hydroelectric projects are set to be developed in a 5-state area encompassing Ohio, West Virginia, Indiana, Pennsylvania, and Mississippi, following on the closure of a senior loan facility between Free Flow Power (FFP) New Hydro and Crestline Investors, according to recent reports.
The 21 projects in question will utilize already-existing dam infrastructure in the states mentioned above, and are expected to possess over 200 megawatts (MW) of cumulative capacity once up and running, according to the Free Flow Power Corporation subsidiary.
Once completed, all of the projects in question are also set to be eligible for the receipt of federal investment tax credits, according to reps for those involved.
“Hydropower is valued by the investment community for its stable cash flows, long operating life, low technology risk, and highly predictable generation based upon decades of historical river flow data,” stated FFP New Hydro president and CEO Ramya Swaminathan.
The exact figure for the loan facility hasn’t been publicly revealed, so those curious will just have to speculate. That said, Crestline Investors’ reps commented that “the financing reflects its opinion that hydropower is an expanding market.”
“With the largest development-stage hydropower portfolio of its kind in the US, we believe the company is poised to achieve a significant expansion in its financeable asset base, and to create a meaningful impact on the growing US hydropower industry,” stated Crestline Investors director James Favero.
In addition to these 21 projects, FFP New Hydro also possesses the development rights to another 23 hydroelectric projects currently in the early stages of development + licensing. Altogether, these 22 early stage projects are expected to total 280 MW of capacity once completed.
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