FFP New Hydro has acquired the finances to continue developing its advanced hydroelectric power projects on existing dams in the US.
FFP New Hydro, majority owned by an affiliate of US Renewable Group, itself one of the largest investment firms focused exclusively on the renewable energy industry, announced Tuesday that it had closed a senior loan facility with Crestline Investors, and acquired and integrated Rye Development, FFP New Hydro’s manager, into the company.
These developments will allow FFP New Hydro to continue the development of its portfolio of 21 advanced stage hydropower projects that are being developed on existing US dams over five states — Pennsylvania, West Virginia, Indiana, Mississippi, and Ohio. The projects will cumulatively reach 200 MW of new generation capacity, and are expected to generate approximately 900 GWh of clean energy each year, which is the equivalent of generating electricity for more than 80,000 homes.
“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,” said Ramya Swaminathan, President and CEO of FFP New Hydro and Rye Development. “We are pleased to be managing this strong portfolio of hydroelectric power projects, all of which are now eligible for the Federal Investment Tax Credit (ITC).”
The projects are not inherently revolutionary, but in a day and age where cost-effective and efficient clean energy development is king, making use of existing dams to develop hydroelectric energy generators is sure to be well received by most, if not all.
Which is why FFP New Hydro also controls a pipeline of 23 projects which are each in the early stages of development and FERC licensing, and — if completed — will see an additional 280 MW of new generation capacity installed across existing dams in eight states, including Kentucky,Pennsylvania, Oklahoma, Louisiana, Alabama, Ohio, Mississippi, and Arkansas.
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
CleanTechnica Holiday Wish Book
Our Latest EVObsession Video
CleanTechnica uses affiliate links. See our policy here.