Located on the Allegheny River, the 30.4MW capacity run-of-the-river hydroelectric projects were acquired through EIF’s United States Power Fund IV.
Pursuant to the acquisition, Northbrook Energy will operate the projects which have a long-term power purchase agreements with New York State Electric & Gas Corporation until August 2030.
EIF managing partner Herb Magid commented on the project’s attributes saying that it has all of the attributes for an investment.
"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.
"We’re pleased to make this investment on behalf of our limited partners," Magid added.
Northbrook Energy president Chuck Ahlrichs said, "We’ve worked with them on several hydroelectric projects and appreciate their level of commitment and trust in us."
