A Morristown-based power producer is being sold by its parent to an Ontario company, it announced Thursday.
Eagle Creek Renewable Energy LLC, which operates 76 hydroelectric facilities around the country, will be purchased by Ontario Power Generation from affiliates of Hudson Clean Energy Partners and others, according to a news release.
OPG has signed a purchase and sale agreement, subject to customary approvals and conditions.
“We have been privileged to work with Hudson to build Eagle Creek since its inception in 2010,” Eagle Creek CEO Eli Smith said in a prepared statement. “We are especially grateful to our founding CEO, Bud Cherry, whose leadership has shaped Eagle Creek into an industry-leading franchise, and wish him well in his retirement. We are now looking forward to a path of continued growth and success as part of OPG.”
Evercore represented Hudson as a sell-side adviser. Financial terms of the deal were not disclosed.