Gravity Renewables completed its acquisition of Rivers Electric Company, Inc., the owner of the Mill Pond Hydroelectric Plant in central New York. The facility currently produces roughly 2,800,000 kilowatt hours each year, enough to power 296 homes.
Financial terms of the transaction were not disclosed.
“We are thrilled to acquire the Mill Pond plant and to continue to provide the Hudson Valley with clean, locally produced electricity for years to come,” said Mark J. Boumansour, Chief Development Officer at Gravity.
“Gravity was professional and easy to work with throughout this process,” said Bob King, president of Ashuelot River Hydro, Inc. and the previous owner. “We know the plant is in good hands.”
King will remain engaged with Mill Pond in a limited consulting role while Gravity will keep the plant’s operating team in place. Gravity plans to make additional investments to improve the plant’s safety, operations and efficiency.
About Gravity Renewables
Gravity Renewables is a leading national owner, operator and developer of small hydroelectric power plants. Small hydropower provides predictable, reliable, affordable clean energy that’s locally produced. By making a long-term commitment to these neighborhood facilities, Gravity restores and conserves important historical sites, employs local operators and promotes educational and recreational opportunities in the communities it serves. Gravity currently has 30 MW of hydroelectric projects operating and under development in 7 states across the country. For more information please visit www.gravityrenewables.com or contact us at 303.440.3378. Follow Gravity Renewables on Twitter or Facebook.