Today HydroLand, a national renewable energy company transforming the way energy is created and delivered, announced it acquired a 25 megawatt portfolio of hydroelectric facilities from Enel Green Power North America, Inc. ("Enel").
"The closing of this acquisition is a major step for us as we execute our plan to acquire, optimize and modernize underutilized hydroelectric facilities and 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, limited only by finding the right locations. The portfolio acquired from Enel comprises 13 "run-of-river" environmentally friendly facilities 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. There is tremendous potential for developing more hydropower by taking existing facilities and increasing their capacity with modern equipment and operating systems. 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. As Enel Green Power has grown and evolved in North America, so, too, has our strategic focus to grow in areas that best support our global growth targets. We're proud to have developed and maintained this hydropower portfolio while our focus increasingly turned to wind and solar," said Georgios Papadimitriou, Head of Enel Green Power North America.
Through a disciplined engineering and environmentally friendly approach, HydroLand is restoring and improving hydroelectric facilities to deliver modern, state-of-the art electric generation for the grid.
This acquisition is one of many more to come that will allow HydroLand to ultimately create green energy parks across American primarily in the Northeast and West.
Date: Feb 25, 2021
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