WESTMONT, IL (October 9, 2012) – Hydro Green Energy, LLC (HGE), a privately-funded U.S. hydropower development company, today announced that it is entering the Chilean power market through an investment in a 15.4 MW run-of-river hydropower project.
“The Chilean power market is dynamic and growing, especially for the development of new hydropower,” said Michael P. Maley, President & CEO of HGE. “We are excited to join our partners in Chile to help develop a clean, reliable and renewable hydropower project.”
Through its investment in the project, HGE joins Compañía Eléctrica Montegrande Ltda and Aaktei Energía. The investment from HGE will help to ensure that the project moves through its development phase into commercial operations. The project is located in the Bío Bío Region and is expected to produce 98,780 MWHa, enough yearly clean power for 29,000 homes.
“As the U.S. power market continues to slowly recover, we have broadened our focus to include opportunities in Latin America, where demand for electricity is rising and hydropower is valued as a clean and important source of green electricity that is competitive with fossil fuels,” said Mr. Maley.
Hydro Green Energy, which maintains headquarters in Westmont, IL, focuses on developing new, low-impact hydropower projects, as well as the rehabilitation of existing hydropower assets no longer in service. At certain sites, HGE deploys its proprietary modular hydropower system. In the U.S., HGE holds permits for the development of 400 MW of new hydropower capacity at non-powered dams in 15 states, equivalent to the energy production from approximately 1,300 MW of solar power or 900 MW of wind power.Print News Release