FFP New Hydro LLC in Boston has acquired Red River Hydro with plans to build a $130 million hydroelectric power project on the Red River in central Louisiana.

Red River Hydro has a license from the Federal Energy Regulatory Commission for a project at the Overton Lock and Dam owned and operated by the U.S. Army Corps of Engineers in Rapides Parish. The project is expected to have a generating capacity of 52 megawatts, enough to power about 52,000 homes.

Development of the project will create hundreds of jobs during construction, operations and maintenance, said Ramya Swaminathan, chief executive officer of FFP New Hydro. “The clean, reliable electricity produced by the project will be enough to power thousands of homes and will be a long-term resource for the region.”

FFP New Hydro LLC has a portfolio of 23 hydropower development projects on dams in Pennsylvania, West Virginia, Ohio, Mississippi, Kentucky, Indiana and Louisiana totaling over 260 megawatts.

FFP New Hydro is owned by affiliates of US Renewables Group and Crestline Investors Inc.

US Renewables Group is a large investment firm focused on the renewable energy industry with over $750 million of capital under management. It is headquartered in Los Angeles.

Crestline Investors is an alternative investment management firm based in Fort Worth, Texas, which manages $9.9 billion for institutional investors.