ArcLight Capital Partners is to acquire TransCanada’s 584MW of hydropower assets in New England, US, through its affiliate company, Great River Hydro.
With 13 facilities on the Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts, TransCanada’s hydro portfolio is the largest conventional hydro system in New England. The portfolio includes the 192MW Moore facility, the largest conventional hydro station in New England, and 12 other facilities totaling 392MW.
In a statement, Great River Hydro said it anticipates a smooth transition of ownership. The company has committed to retain all existing operational personnel, plans to assume the recently negotiated union contract, and will continue the FERC relicensing process currently underway at the Bellows Falls, Wilder and Vernon facilities.
“We have been incredibly impressed by the quality of both the hydroelectric facilities and the operations team,” said Scott Hall, portfolio executive at ArcLight who will lead Great River Hydro. “I am very excited to work with the team to continue the level of excellence they have already achieved in providing reliable, renewable power in Vermont, New Hampshire and Massachusetts.”
“We are thrilled to expand our renewable footprint by acquiring these premier hydroelectric assets from TransCanada,” added Dan Revers, Managing Partner and co-Founder of ArcLight. “New England is a key geography for ArcLight, and we look forward to working with local communities and other constituencies across the region.”
The transaction is expected to close in mid-2017, subject to customary regulatory and other approvals.
