Eagle Creek Renewable Energy, a US small hydro operator, announced on Tuesday the acquisition of Lightstar Renewables, a prominent community solar developer-operator. Lightstar brings with it a robust development pipeline of approximately 1.2 GW of projects across the United States.
The acquisition includes Lightstar's portfolio company, which has been managed by funds from Elda River Capital Management LLC and hedge fund firm Magnetar. Currently, Lightstar has about 30 MW of projects under construction in New York and a gigawatt-scale pipeline spread across various US markets, making it a valuable addition to Eagle Creek.
Neal Simmons, President, and CEO of Eagle Creek expressed enthusiasm about the acquisition, stating, “We are pleased to add Lightstar's clean energy assets and development capabilities to the Eagle Creek portfolio. Through our ongoing operations and acquisitions, Eagle Creek is playing a key role in driving the transition to a clean energy economy.”
With this move, Lightstar's entire portfolio, including owned assets and projects under construction, will be transferred to Eagle Creek. This transition is expected to facilitate Lightstar's team in executing their growth plans and positioning themselves as a leading independent producer of community solar power in North America.
