Gravity Renewables completed its acquisition of Haw River Hydro Co., the owner of the Saxapahaw hydroelectric facility in North Carolina. The plant is located on the Haw River and currently generates enough electricity to power 592 homes for a year.
Financial terms of the transaction were not disclosed.
“Gravity is very pleased to add the Saxapahaw plant to its portfolio,” said Ted Rose, Gravity Renewables’ Chief Operating Officer. “Saxapahaw is one of the great independently owned small hydro plants in North Carolina and we look forward to operating it for many years.”
“The Gravity team was a great partner in this process,” said Bill Lee, who built the Saxapahaw plant and operated it for three decades. “Gravity conducted the transaction in good faith, was very reasonable with its terms and followed through on its commitments.” Lee will be retained as a consultant and the daily operator will remain on the job.
Gravity has a comprehensive plan to modernize the facility, ensuring that it will meet the highest performance and regulatory standards.
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.