For Immediate Release
November 20, 2009
Ewing Bemiss & Co. announces that Ridgewood Maine Hydro Partners, L.P. and subsidiaries of Ridgewood US Hydro Corporation have sold all of their hydroelectric facilities to KEI (USA) Power Management, Inc., an affiliate of Kruger Energy, Inc.
Richmond, Virginia – Ewing Bemiss & Co. is pleased to announce that it represented Ridgewood Renewable Power, LLC in the sale of all of the hydroelectric facilities held by Ridgewood Maine Hydro Partners, L.P. (“Maine Hydro”) and subsidiaries of Ridgewood US Hydro Corporation (“US Hydro”) to KEI (USA) Power Management, Inc. and certain of its subsidiaries, all affiliates of Kruger Energy, Inc. (“Kruger Energy”), for a base purchase price of $13.5 million.
Maine Hydro and US Hydro own, operate or receive the economic interests from 23 small hydroelectric facilities with an aggregate output of 26.3 MW. Most of the facilities are located in the Northeast, with other facilities in Virginia and California. The majority of electricity is sold into regional merchant power markets.
Kruger, Inc. is an international business based in Canada. Its energy subsidiary, Kruger Energy, invests in renewable energy assets, primarily in the wind, biomass and hydro sectors.
Ewing Bemiss & Co. is an investment bank focused on delivering superior service and optimal results to middle market companies. The Maine Hydro and US Hydro transaction adds to Ewing Bemiss & Co.’s strong experience in the Alternative/Renewable Energy and Environmental Services sectors.
Founded in 1992, Ewing Bemiss & Co. provides merger and acquisition advisory, private capital formation, financial restructuring and strategic advisory services. Ewing Bemiss & Co. provides extensive transaction experience and a strong relationship orientation to clients and is widely recognized for in-depth sector knowledge and expertise in several industries, including Alternative/Renewable Energy and Environmental Services, Healthcare and Business & Technology Services.
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