Fortune Hydro AG has signed an agreement to acquire and modernize 5 Hydro Power plants in New York State. That is 8 MW, which produces electricity for approx. 20,000 households, which are now modernized and whose capacity is increased by at least 35%, or 7000 households, without felling a tree or building over a square meter of land. This is the first major success in the RESTORE initiative, in which old assets are brought back to life and green electricity is provided quickly and without major overbuilding.
The CEO says « this is a good, very profitable and extremely nature-friendly energy project. We are proud and feel good about being able to do something sensible.»
An opportunity to invest in a portfolio of assets in the Hydropower production of green, clean electricity within the USA.
The portfolio includes 5 power generating facilities currently operating in the New York State, with the probability of adding two other acquisitions, also in the pipeline.
The overall portfolio represents 20MW of production facilities and is ripe for modernization and re-powering to improve revenues and profitability taking advantage of the IRA and other Government incentives to reach “net-zero” and combat climate change.