GDEV Management-backed Relevate Power and Eagle Creek Form Strategic Partnership to Expand Companies' Hydropower Footprints

Relevate's local operators will move to Eagle Creek while maintaining continuity of operations at each hydropower facility.

Rhea-AI Summary

GDEV-backed Relevate Power and Eagle Creek Renewable Energy, backed by Apollo (NYSE: APO) funds, announced a partnership across their small hydropower portfolios.

At the partnership's commencement, Eagle Creek will manage Relevate's run-of-river hydroelectric projects. Relevate's existing local operators will join Eagle Creek, maintaining continuity at each facility. The companies have identified redevelopment and operating opportunities aimed at operational and cost efficiencies, with asset management forming the foundation for a broader relationship.

GDEV expects the partnership to help Relevate expand its platform while reducing overhead. Since GDEV's initial investment in 2024, Relevate also received a $4.9 million Department of Energy grant to improve hydroelectric facility efficiency. GDEV and Apollo previously financed Relevate's acquisition of Gravity Renewables in December 2024.

Positive

• Minor pointHydropower partnership combines Relevate's redevelopment expertise with Eagle Creek's operations across their small hydropower portfolios.
• Minor point. Forward-looking: it has not happened yet and may not happen.Eagle Creek portfolio management will retain Relevate's local operators, maintaining continuity at each facility.
• Minor point. Forward-looking: it has not happened yet and may not happen.Platform expansion and reduced overhead are expected by GDEV through the partnership.
• Minor point$4.9 million DOE grant received by Relevate supports improvements in hydroelectric facility efficiency.

Negative

• None.

Key Terms

baseload generation, run-of-river

2 terms

baseload generation technical

"hydropower as a source of baseload generation"

Baseload generation is the portion of electricity production that runs continuously to meet the minimum, always-on demand of the grid, like a household appliance that never turns off. It typically comes from power plants designed for steady, reliable output and matters to investors because these assets provide predictable revenue, lower operating risk, and often long-term contracts, making them a stable foundation in power company portfolios.

run-of-river technical

"portfolio of run-of-river hydroelectric projects."

A run-of-river hydroelectric facility generates electricity by channeling a river’s natural flow through turbines with little or no large storage reservoir; it relies on the river’s instantaneous flow and small short-term pondage rather than storing substantial water behind a dam. Because it cannot significantly regulate seasonal or multi-day flows, output varies with river conditions and is typically steadier only where flow is stable or supplemented by upstream storage, which affects revenue predictability and capacity availability.

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The partnership brings together Relevate's redevelopment expertise and Eagle Creek's operating scale and expertise, advancing hydropower as a source of baseload generation across North America

NEW YORK, Oct. 1, 2026 /PRNewswire/ -- GDEV Management (GDEV)-backed Relevate Power (Relevate) and Eagle Creek Renewable Energy (Eagle Creek), a hydropower owner and operator backed by Apollo (NYSE: APO) funds, today announced a strategic partnership across their portfolios of small hydropower assets. At the partnership's commencement, Eagle Creek will leverage its scale and highly experienced operations team to manage Relevate's portfolio of run-of-river hydroelectric projects.

Relevate and Eagle Creek have identified opportunities to combine their respective strengths in redeveloping and operating hydropower facilities to achieve operational and cost efficiencies, starting with asset management as the foundation for a broader relationship. The local operators currently employed by Relevate to manage its portfolio will join Eagle Creek, maintaining continuity of operations at each facility while benefiting from the scale of a larger operating platform. Previously, GDEV and Apollo provided financing for Relevate's acquisition of Gravity Renewables in December 2024.

"The hydropower market is in a period of significant growth as electricity demand surges beyond current generation levels," said Neal Simmons, CEO at Eagle Creek. "We will bring our operating expertise to oversee Relevate's hydropower projects, enabling us to provide clean, reliable energy to surrounding homes and businesses."

Since GDEV's initial investment in 2024, Relevate also received a $4.9 million grant from the Department of Energy (DOE) to boost efforts in improving the efficiency of hydroelectric facilities and has gained significant commercial traction across the hydropower market.

"Together with Eagle Creek, we're helping strengthen Relevate's business model of providing operational improvements to underperforming hydro facilities," said Benjamin Baker, Managing Partner of GDEV Management. "This partnership will allow Relevate to expand its platform on a larger scale while significantly reducing overhead - promising long-term value for our investors and partners."

ABOUT GDEV MANAGEMENT
GDEV Management, LLC is a middle-market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels. The firm targets operationally complex businesses in infrastructure, clean energy, industrials, and technology-enabled services, partnering with management teams to drive growth, operational improvement, and long-term value creation. GDEV's institutional platform is structured to support a broad range of private market strategies, including direct investments, co-investments, and structured credit solutions.

ABOUT RELEVATE POWER
Founded in 2022 from the merger of Independent Power Producers Dichotomy Power and ClearEnergy, along with the power marketing firm Standard Power, Relevate Power is committed to redeveloping underutilized hydropower plants, providing affordable, clean energy to rural America's most impactful organizations. The company is backed by GDEV Management's Fund I, LP. and Aegon Asset Management Real Assets.

ABOUT EAGLE CREEK RENEWABLE ENERGY
Eagle Creek owns and operates 85 hydroelectric facilities across 18 states, providing renewable power to support rapidly growing energy demand. Hydropower is differentiated as a low carbon reliable energy source with baseload capabilities. The Company's nearly 700 MW portfolio makes it one of the largest and most diversified independent hydro platforms in the country, and its facilities produce enough electricity to power over 260,000 homes.

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SOURCE GDEV Management

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Relevate Power and Eagle Creek hydropower partnership cover?

The partnership covers their small hydropower portfolios, beginning with Eagle Creek managing Relevate's run-of-river hydroelectric projects. Asset management is the foundation for a broader relationship involving opportunities to combine redevelopment and operating expertise.

What happens to Relevate Power's local operators under the Eagle Creek partnership?

Relevate's existing local operators will join Eagle Creek. They will maintain continuity of operations at each facility while becoming part of Eagle Creek's larger operating platform.