H2O Power acquires two U.S. hydro plants

H2O buys hydro plants

H2O Power LP has acquired the 13.6-MW Allegheny 8 and 17.9-MW Allegheny 9 small hydro plants from the Public Sector Pension Investment Board (PSP Investments).

The run-of-river hydroelectric facilities are on the Allegheny River in Armstrong and Indian counties in Pennsylvania. They are interconnected into the New York Independent System Operator, and electricity is sold to New York State Electric & Gas Corporation under a long-term power purchase agreement. Together the two plants generate about 200 GWh of electricity annually.

PSP Investments acquired the projects in May 2015 with the intent to sell them to H2O, its North American hydro platform. Terms of the transaction between the two companies were not disclosed.

“We are delighted with this acquisition, which represent H2O’s first foray into the U.S. market,” says Jim Gartshore, president of H2O.

H2O Power owns 10 small hydroelectric stations with a total capacity of 170 MW in Canada and the U.S. H2O is majority owned by PSP Investments and minority owned by BluEarth Renewables Inc., an independent renewable power producer in Canada that builds, owns and operates, wind, run-of-river hydro and solar projects across North America.

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