Franklin Park Investments, the management company for Sammons Renewable Energy (SRE), announced today it would manage assets acquired from Sorgent.e Hydro Canada Corporation (SHC) on behalf of SRE. The acquisition includes two projects totaling 21 MW with long term Energy Purchase Agreements with BC Hydro as part of the purchase. Two additional projects totaling 21 MW have been assigned energy volumes under BC Hydro’s Standard Offer Program.
“We plan to continue to work with Franklin Park to evaluate opportunities similar to the Sorgent.e. deal to expand our renewable energy portfolio.”
“Hydroelectricity is an excellent asset class for long term investors such as Sammons Renewable Energy,” commented Tom Tribone, the Chief Executive Officer of Franklin Park, SRE’s management partner. “Our objective is to progress these projects rapidly toward construction in a manner consistent with the interests of all stakeholders. In parallel with early stage construction we will also be arranging $150 million of project level financing.”
“Franklin Park has been instrumental in Sammons Renewable Energy’s ability to execute on our strategy to move into the renewables market in North America,” said Heather Kreager, Chief Executive Officer of Sammons Enterprises, the parent company of Sammons Renewable Energy. “We plan to continue to work with Franklin Park to evaluate opportunities similar to the Sorgent.e. deal to expand our renewable energy portfolio.”
The deal closed on February 22, 2017. Americas Energy Services was involved in the deal providing technical services to SRE. Miller Thomson provided legal advice.
(Photo: Franklin Park Investments)