WASHINGTON--(BUSINESS WIRE)--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.
“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.
About Franklin Park
Franklin Park Investments, http://www.franklinparkinvestments.com, provides energy and infrastructure services in major global markets, including North and South America, Europe and Asia. Franklin Park’s activities include conventional and renewable electricity generation, electric distribution, rail and road transport and supply chain logistics. Franklin Park manages SRE, with an investment focus on wind, solar and hydroelectric generation in North America.
About Sammons Renewable Energy
Sammons Renewable Energy invests in renewable energy projects in the U.S., Canada, and Mexico. The company identifies solar, wind and hydro-related development opportunities over a minimum threshold of $40 million in value. Sammons Renewable Energy is a wholly owned subsidiary of Sammons Enterprises, Inc. Sammons Renewable Energy’s investments are managed by Franklin Park Investments.
About Sammons Enterprises
Sammons Enterprises, Inc. is a diverse holding company composed of financial services, industrial equipment, real estate investment, and infrastructure businesses operating in three countries. Headquartered in Dallas, Texas (US), Sammons was established in 1938. With more than $5 billion in annual revenues and $75 billion in assets, it is one of the largest privately held companies in the U.S. For more information, visit sammonsenterprises.com.
About Americas Energy Services
Americas Energy Services provides due diligence, technical, project management and operations services to the utility industry and investors. Areas of expertise encompass all aspects of hydroelectric projects including civil and electrical engineering, design, procurement and management.