Brookfield Renewable Energy Partners L.P. and its institutional partners have completed their acquisition of the 417-MW Safe Harbor hydropower plant.
HydroWorld.com reported in February that the group had announced acquiring 33% of the project, of which Brookfield (NYSE: BEP) will assume about 40% of the investment.
Located on Pennsylvania's Susquehanna River, Safe Harbor is one of the largest hydropower plants in America's northeast.
The acquisition is valued at US$289 million subject to working capital adjustment, and will be funded through available liquidity and capital from Brookfield Renewable and its partners. The deal is still subject to regulatory approvals and is expected to be completed within the first quarter of this year.
Brookfield Renewable announced in 2013 that it had acquired a 70 MW portfolio in Maine and the remaining 50% interest in California's 30-MW Malacha project.