The six low impact run-of-river hydropower projects are expected
to be a sustainable resource for Muskingum River communities, producing
enough clean and renewable electricity to power 11,500 homes
COLUMBUS, Ohio--(BUSINESS WIRE)--Mar. 9, 2016--
FFP New Hydro LLC, developer of America’s largest portfolio of new
hydroelectric projects on existing dams, and AECOM Capital, a subsidiary
of AECOM (NYSE:ACM), recently announced the formation of Muskingum River
Hydro LLC to develop and construct six hydropower projects on the
Muskingum River in southeastern Ohio. Muskingum River Hydro LLC will
advance the development of these projects to construction and commercial
operation. In the state of Ohio, the projects will represent a potential
investment of more than $100 million. Each project is expected to create
100 to 150 jobs during construction as well as continued staffing and
service employment during operations.
“The formation of Muskingum River Hydro LLC with AECOM Capital assures
that development of the Muskingum River hydropower projects will advance
to commercial operation with the benefit of the substantial resources
and expertise of AECOM. We are pleased to note that less than 60 days
after receipt of FERC licenses for four of these six projects, we have
entered into this transformative transaction for the projects,” said
Ramya Swaminathan, CEO of FFP New Hydro.
“Muskingum River Hydro LLC represents an attractive opportunity for
AECOM Capital to strengthen our commitment to clean energy projects and
invest and develop in new hydropower on existing dams alongside the
industry leading team of investors and developers at FFP New Hydro,”
said AECOM Capital Chief Executive John T. Livingston.
The six projects, four of which have received Federal Energy Regulatory
Commission (FERC) licenses, are expected to generate a total of 23
megawatts (MW), enough to power 11,500 homes and sustainably transform
the Muskingum River communities. These low-impact generation facilities
will be added to existing lock and dam structures owned and operated by
the Ohio Department of Natural Resources.
The projects are expected to start construction in 2017 and commence
operations by 2018.
About FFP New Hydro
FFP New Hydro LLC has a portfolio of 23 hydropower development projects
with 10 FERC licenses on existing dams in PA, WV, OH, MS, KY, IN, and LA
totaling over 260 MW. These projects are low impact run-of river
hydropower development projects, which will, when constructed, provide
clean, renewable power in their host communities for generations to come.
About AECOM Capital
AECOM Capital, a subsidiary of AECOM, is an investor and developer of
infrastructure, renewable energy and real estate projects. With a focus
on independent power projects, public-private partnerships and real
estate developments, AECOM Capital targets high quality risk adjusted
investments across North America and select international markets. AECOM
has vast resources across all engineering, design and construction
services that AECOM Capital leverages for deal flow, due diligence,
execution and project delivery. Since its formation in 2013, AECOM
Capital has invested in 14 projects, with a total development value in
excess of $3.5 billion and 7 million square feet. Learn more at
aecomcapital.com.
About AECOM
AECOM is built to deliver a better world. We design, build, finance and
operate infrastructure assets for governments, businesses and
organizations in more than 150 countries. As a fully integrated firm, we
connect knowledge and experience across our global network of experts to
help clients solve their most complex challenges. From high-performance
buildings and infrastructure, to resilient communities and environments,
to stable and secure nations, our work is transformative, differentiated
and vital. A Fortune 500 firm, AECOM had revenue of approximately
$18 billion during fiscal year 2015. See how we deliver what others can
only imagine at aecom.com and @AECOM.
Forward-Looking Statements: All statements in this press release
other than statements of historical fact are "forward-looking
statements" for purposes of federal and state securities laws, including
statements relating to the Muskingum River Hydro partnership, the
project’s expected energy performance, as well as other future economic
and industry conditions. Actual results could differ materially
from those projected or assumed in any of our forward-looking
statements. Important factors that could cause actual results to differ
materially from our forward-looking statements are also set forth in
AECOM’s quarterly report on Form 10-Q for the period ended December 31,
2015, and other reports filed with the U.S. Securities and Exchange
Commission. The parties do not intend and undertake no obligations to
update any forward-looking statements.
NR 16-0301
View source version on businesswire.com: http://www.businesswire.com/news/home/20160309005225/en/
Source: AECOM
AECOM Capital:
Brendan Ranson-Walsh, 1-212-739-7212
Vice
President, Global External Communications
Brendan.Ranson-Walsh@aecom.com
or
FFP
New Hydro:
Don Lauzon, 1-517-488-5136
Vice President
Don@ryedevelopment.com
