Relevate Power, backed by GDEV Management, and Eagle Creek Renewable Energy, backed by Apollo (NYSE: APO) funds, announced a strategic partnership to manage a portfolio of small hydropower assets, according to a press release dated Oct. 1, 2026.

Under the agreement, Eagle Creek will take over asset management of Relevate's run-of-river hydroelectric projects. Local operators currently employed by Relevate will transition to Eagle Creek, with the companies stating that continuity of operations at each facility will be maintained.

The two companies said they have identified opportunities to combine redevelopment and operational expertise to achieve cost efficiencies, with asset management serving as the foundation for a broader relationship.

Eagle Creek owns and operates 85 hydroelectric facilities across 18 states, with a portfolio of nearly 700 MW. Relevate was founded in 2022 and focuses on redeveloping underutilized hydropower plants.

Neal Simmons, CEO of Eagle Creek, said the company will "bring our operating expertise to oversee Relevate's hydropower projects, enabling us to provide clean, reliable energy to surrounding homes and businesses."

GDEV and Apollo previously provided financing for Relevate's acquisition of Gravity Renewables in December 2024. Since GDEV's initial investment in 2024, Relevate also received a $4.9 million grant from the Department of Energy to improve the efficiency of hydroelectric facilities.

Benjamin Baker, Managing Partner of GDEV Management, said the partnership "will allow Relevate to expand its platform on a larger scale while significantly reducing overhead."