Canadian's Public Sector Pension Investment Board has entered an agreement to acquire a 1.4 GW portfolio of hydroelectric plants in the United States' New England region from the ENGIE Group.
The US$1.2 billion acquisition will be managed by PSP Investments' existing hydropower platform, H2O Power LP, which first entered the U.S. market earlier this month.
Included in PSP Investments' latest deal sit the 1,168-MW Northfield Mountain pumped-storage plant in Massachusetts, along with 12 unnamed conventional projects primarily located on the Connecticut River in Massachusetts and the Housatonic River in Connecticut. Combined, the conventional assets have an output capacity of 134 MW.
"The purchased assets are an excellent fit with PSP Investments' long-term investment horizon and its strategy to leverage industry-specialized platforms, such as H2O Power," PSP Investments senior vice president Guthrie Stewart said.
The transaction's close is still subject to closing conditions, including regulatory approvals.
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