HydroLand, a national renewable energy company, announced this Thursday it acquired a 25-megawatt portfolio of hydroelectric facilities. In fact, the company acquired this portfolio from Enel Green Power North America, Inc. (Enel).
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HydroLand acquires new hydroelectric asset portfolio
Earlier today, HydroLand, a national energy company, announced its acquisition of a 25-MW portfolio of hydroelectric facilities in North America. Indeed, the company acquired these assets from Enel Green Power North America, Inc.
“The closing of this acquisition is a major step for us as we execute our plan to acquire, optimize and modernize underutilized hydroelectric facilities. Furthermore, to ultimately turn them into green energy parks that support the transition to renewable energy,” said Cory Lagerstrom, CEO of HydroLand.
Hydropower is the oldest and still the largest source of renewable energy in the US. However, it is limited only by finding the right locations.
Moreover, the recently acquired portfolio from Enel comprises thirteen “run-of-river” environmentally-friendly facilities. Accordingly, these are located throughout the Mid-Atlantic, South, and Western US, including California.
Run-of-river hydroelectric plants are small when compared to large-scale hydroelectric facilities. Therefore, there is tremendous potential for developing more hydropower by taking existing facilities and increasing their capacity with modern equipment and operating systems.
Joint collaboration to keep delivering quality
In fact, many of these facilities are up to 70 years old and can be retrofitted for enhanced power generating capacity and efficiency.
“Run-of-river hydro has been our company’s foundation in the US and Canada. So, as Enel Green Power grew and evolved in North America; our strategic focus to grow in areas that best support our global growth targets did. Therefore, we’re proud of developing and maintaining this hydropower portfolio while our focus increasingly turned to wind and solar;” said Georgios Papadimitriou, Head of Enel Green Power North America.
According to the Company, these results were possible through a disciplined engineering and environmentally friendly approach. Simultaneously, HydroLand restores and improves hydroelectric facilities to deliver modern, state-of-the-art electric generation for the grid.
Finally, this acquisition is one of many more to come that will allow HydroLand to create green energy parks across North America.
In brief, HydroLand is building America’s next great renewable energy company based on run-of-river hydroelectric facilities. Thus, these are aimed to become green energy parks and economic development engines in their rural communities.