DALLAS, TX--(Marketwired - March 02, 2017) - Sammons Renewable Energy (SRE), a Sammons Enterprises, Inc. company, announced today the global holding company has purchased Sorgent.e Hydro Canada Corporation (SHC). SHC is a hydroelectric developer in British Columbia. SRE acquired 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.
"Investing in the renewable energy sector in British Columbia is part of SRE's strategic plan," said Heather Kreager, Chief Executive Officer of Sammons Enterprises, the parent company of Sammons Renewable Energy. "As the company expands in the renewable energy market, we will continue to look for operational and late stage development projects throughout North America."
"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."
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 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 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.