Cube Hydro Partners
Cube Hydro Carolinas, an Affiliate of Cube Hydro Partners, Acquires Four Hydroelectric Power Plants in North Carolina
Cube Hydro Carolinas, LLC, an affiliate of Cube Hydro Partners, LLC, announced that it officially closed its deal with Alcoa Corporation to take ownership of four hydroelectric power plants located along the Yadkin River. Totaling 215 megawatts (MW) of generation, the facilities - High Rock, Tuckertown, Narrows and Falls - are expected to produce nearly 800,000 megawatt hours (MWh) of clean, reliable electricity per year.
"We are excited to officially take ownership of the Yadkin Project," said Dr. Kristina M. Johnson, CEO of Cube Hydro Partners and former dean of the Pratt School of Engineering at Duke University. "Investing in clean power in North Carolina has long been a goal of ours. We look forward to partnering with local leaders surrounding the Yadkin River to innovate and produce economic, environmental and social benefits for our new neighbors who live and work here."
Cube Hydro acquires and modernizes hydroelectric facilities to demonstrate the value of renewable hydropower and reduce our nation's reliance on carbon-based energy. This deal is expected to create significant economic and environmental benefits for the local community.
"At Cube Hydro, we understand that what is good for the local and regional community is good for our business," said John Collins, Executive Vice President of Cube Hydro Partners. "Our success is the community's success."
Simon Baker, President of Alcoa Energy, said: "The transition from Alcoa Power Generating Inc. went very smoothly thanks to the dedication of so many people. Alcoa appreciates the years of service from the dedicated employees at the Yadkin Hydroelectric project, and we are confident that Cube Hydro will build upon the century-long legacy of providing reliable and renewable energy."
With the addition of the Yadkin facilities to the portfolio, Cube Hydro Partners now operates 19 plants on 10 rivers in New York, Pennsylvania, Virginia, West Virginia and North Carolina, with a combined capacity of more than 373 MW, generating 1.4 million MWh annually, or enough electricity to power approximately 140,000 homes with renewable energy.
About Cube Hydro: Cube Hydro, led by Dr. Kristina M. Johnson, former U.S. Undersecretary of Energy, is a hydropower development and operating platform targeting investments in mid-sized hydro projects in the U.S. and Canada. John Collins spent over 22 years with Constellation Energy Group, Inc. and Baltimore Gas and Electric Company, serving as Chief Financial Officer and Senior Vice President of Integration.