MANHATTAN, N.Y., June 20, 2024 (GLOBE NEWSWIRE) -- Relevate Power, a leader in the redevelopment of run-of-river hydropower assets, secured a $15 million investment in the first close of a significant growth equity raise. Led by Greenbacker Development Opportunities Fund ("Greenbacker") and Aegon Real Assets US, an affiliate of Aegon Asset Management, the initial close will support plans for an acquisition and construction of Relevate Power's national operations center. Approximately 2,300 power-generating dams in the U.S. provide over 28% of our total renewable electricity. The majority of these plants are small, sub-20MW, run-of-river facilities built in rural communities prior to 1990. Over the last 20 years, many of these facilities have suffered from under-investment and sub-optimized operations, reducing their generating capacity. After acquiring aging and underperforming hydro facilities, Relevate Power invests in operational improvements to provide 24/7 clean power to local organizations and ensure the balanced management of the river on behalf of its many stakeholders. "The commitment from Greenbacker and Aegon Real Assets US strengthens our financial foundation, enabling us ...