Hydro-Quebec to get hold of New England's largest hydro fleet in USD-2bn deal

A unit of Canadian electric utility Hydro-Quebec has signed a USD-2-billion (EUR 2.06bn) deal to acquire US hydropower company Great River Hydro LLC, operating in New England, from affiliates of private equity firm ArcLight Capital Partners LLC.

Great River Hydro owns 13 cascading hydroelectric power plants with a total capacity of 589 MW and three storage-only reservoirs. They are located along New England's Connecticut and Deerfield rivers in the states of Vermont, New Hampshire and Massachusetts, and represent the region’s largest hydropower fleet.

Hydro-Quebec said that the transaction will diversify its revenue streams in its main export market and also provide access to 30,000 acres of land for various renewable energy projects.

"This acquisition represents a unique opportunity to combine our know-how in managing and leveraging hydro facilities with Great River Hydro's thorough understanding of the New England market. By combining our strengths, we can support the development of new renewable energy projects, in a market where such resources are in high demand," commented Sophie Brochu, president and CEO of Hydro-Quebec.

(USD 1 = EUR 1.028)

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