January 14, 2021
Partnership with Leading Hydro Developer, Rye Development, Will Add 250 MW of Low-Carbon Generation at Existing Dams inKentucky, Louisiana, Mississippi, Ohio, Pennsylvania and West Virginia
SAN FRANCISCO–(BUSINESS WIRE)–Climate Adaptive Infrastructure, LLC (“CAI”) an infrastructure investment firm specializing in low-carbon real assets in the energy, water and transport sectors, today announced that it is funding the construction of 22 hydroelectric projects (“Rye Hydro”) at existing non-powered dams (“NPDs”) in the Eastern United States, alongside Rye Development, LLC a leading U.S. hydropower developer. Terms of the transaction were not disclosed.
Headquartered in Boston, Rye Development is a leading U.S. developer of low-impact hydropowered energy generation and energy storage. There are over 80,000 existing NPDs in the United States. Rye Development adds new energy generating capabilities to existing NPDs, modernizing these untapped resources to generate clean, predictable, renewable energy, powering communities, and creating jobs. Rye Development’s current portfolio will add hydroelectric turbines to 22 existing NPDs in Kentucky, Louisiana, Mississippi, Ohio, Pennsylvania and West Virginia, the majority of which are owned and operated by the US Army Corps of Engineers.
“We are pleased to partner with Paul Jacob and the strong management team at Rye Development as they install hydroelectric turbines at existing, non-powered dams across the Eastern United States,” said Bill Green, Founder and Managing Partner of Climate Adaptive Infrastructure. “The Rye Hydro investment is a perfect fit with CAI’s mission to fund large-scale, low-carbon infrastructure projects that withstand the policy risks and economic pressures of the global climate crisis.”
“CAI is an ideal partner as they bring substantial industry expertise and have unparalleled access to every corner of the low-carbon infrastructure investment and policy ecosystem,” said Paul Jacob, CEO of Rye Development. “We look forward to working closely with the CAI team as we develop Rye Hydro to simultaneously strengthen the U.S. power grid, reduce carbon emissions, and address the climate crisis.”
In October 2020, Rye Development signed the Joint Statement of Collaboration on U.S. Hydropower (“Joint Statement”) between the U.S. hydropower industry and environmental community – an agreement led by Stanford University and the Energy Futures Initiative – outlining how the U.S. needs to address climate change by advancing both the renewable energy and storage benefits of hydropower and the environmental and economic benefits of healthy rivers.
Dan Reicher, a CAI Partner, who also led the negotiation of the Joint Statement, said, “Through its partnership with Rye Development, CAI is seizing critical and timely opportunities that will increase U.S. low-carbon electricity generation, help integrate variable solar and wind into the grid, and create jobs – all without building a single new dam.”
CAI is led by a highly experienced team who have dedicated their careers to sustainable infrastructure investment, asset operations, and policy in the energy and environmental sectors. CAI’s Founding Partners are:
About Climate Adaptive Infrastructure
Climate Adaptive Infrastructure, LLC (“CAI”) is an infrastructure investment firm specializing in low-carbon real assets in the energy, water and transport sectors. The firm seeks investments across core infrastructure assets that improve the sustainability and quality of life for the world’s large and growing population. CAI selects, finances, constructs and manages its investments using climate screens and metrics designed to enhance investment returns and cut carbon emissions.- Business Wire