By Editors of Power Engineering
ArcLight Capital Partners, a renewable energy investor, reached an agreement to purchase TransCanada’s New England hydroelectric power portfolio.
Totalling 584 MW, the 13 facilities are spread out along the Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts. The largest of these is the 192-MW Moore facility, which is the largest conventional hydro station in New England.
The transaction is expected to close in mid-2017. A purchase price was not disclosed.
The facilities will be operated by Great River Hydro, an affiliate of ArcLight Capital Partners. Great River Hydro plans to retain all existing workers, assume the union contract and continue relicensing processes currently underway at three facilities.
Founded in 2001, the firm has invested more than $3.1 billion in 5,000 MW of renewable generation.
Great River Hydro has, since 2006, acquired and operated 10 hydro facilities along the Penobscot, Union and Androscoggin rivers in Maine.
The acquisition news comes just one week after a study commissioned by Vermont recommended the state should not try to purchase TransCanada’s portfolio. The portfolio was then estimated to command a purchase price of $800 million to $1.2 billion.
TransCanada purchased the 13 facilities in 2005.