FFP New Hydro has acquired Red River Hydro, the owner of a FERC Hydropower license for the Overton Lock and Dam Project, located on the Red River in Louisiana at an existing lock and dam facility owned and operated by the US Army Corps of Engineers.
The project is expected to have a generating capacity of 52 megawatts. “The development of the Overton hydropower project will represent an investment of more than US$130 million in the Rapides Parish, creating hundreds of jobs during construction, operations and maintenance,” said Ramya Swaminathan, CEO of FFP New Hydro.
“The clean, reliable electricity produced by the project will be enough to power thousands of homes and will be a long term resource for the region. This strategic acquisition will allow FFP New Hydro to grow its portfolio and benefit from economies of scale, which we believe is essential to the development of new hydropower on existing dams.”
FFP New Hydro has a portfolio of 23 hydropower development projects on existing dams in Pennsylvania, West Virginia, Indiana and Los Angeles totaling over 260MW. These projects are low impact run-of river hydropower development projects.