Eagle Creek Renewable Energy Raises Equity Capital for Growth Acquisitions

  Eagle Creek Renewable Energy Raises Equity Capital for Growth Acquisitions

Business Wire

MORRISTOWN, N.J. -- September 17, 2013

Eagle Creek Renewable Energy announced today that it has closed an equity
financing of up to $100 million through a joint investment by Power Energy
Eagle Creek LLC and Macquarie Funds Management. Power Energy Eagle Creek LLC
is a joint venture between Power Energy Corporation, a wholly owned subsidiary
of Power Corporation of Canada, and Claridge Inc. The capital will be used to
fund complementary acquisitions, development projects, and continue Eagle
Creek’s strong growth in the hydro power energy generation sector.

Eagle Creek has closed numerous acquisitions of small scale hydropower asset
portfolios, the most recent being the acquisition of ten operating hydro
facilities in the Northeast. With the addition of the ten new facilities,
Eagle Creek’s portfolio consists of thirty-nine operating hydro plants in
seven states with a combined generating capacity of approximately 90 megawatts
and an annual production of approximately 320 million kilowatt-hours of clean
renewable energy. Eagle Creek is also constructing three new projects in the
Northeast that will add 4 megawatts and 16 million kilowatt-hours to the
portfolio.

“We are extremely pleased with the success of this capital raise and are
particularly pleased with the quality and experience of our new investors.”
said Bud Cherry, CEO of Eagle Creek. “The significant amount of additional
capital will allow us to continue to execute against our growth plan for the
company and provide strong risk-adjusted returns for our investors.”

Eagle Creek was advised on the capital raise by Evercore Partners, Inc.

ABOUT EAGLE CREEK RENEWABLE ENERGY

Eagle Creek was founded in 2010 with Bud Cherry as its CEO and Hudson Clean
Energy Partners as its founding investor. The company acquires, develops,
owns, and operates small-scale hydroelectric generating facilities throughout
North America.

Contact:

Eagle Creek Renewable Energy
Bud Cherry,  973-998-8400
 
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