Energy Investors Funds has acquired the Allegheny 8 and Allegheny 9 hydropower projects through its United States Power Fund IV.
Financial details of the deal and the were not disclosed.
The plants, which have a total combined capacity of 30.4 MW, were completed in 1990 and are located on the Allegheny River about 35 miles from Pittsburgh.
Both hydroelectric facilities will be operated by Northbrook Energy subsidiary Allegheny Power LLC under a power-purchase agreement with the New York State Electric & Gas Corporation. The agreement runs through August 2030.
"We believe the project has all of the attributes we look for in an investment," says EIF managing partner Herb Magid. "It has a solid operational history, a long-term off-take contract with a highly rated utility for the power that the plants produce, and great prospects for operating efficiently well into the future."
EIF is a private equity fund management firm dedicated exclusively to the independent power and electric utility industry.
For more business and transactions news, visit here.