A subsidiary of Hydro Quebec has announced its acquisition of US-based Great River Hydro for the sum of $2 billion.
Great River Hydro owns 13 hydroelectric power stations in the northeastern United States with a total installed capacity of 589 megawatts along the Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts.
It powers more than 213,000 New England homes annually.
In a press release, the President and CEO of Hydro-Québec, Sophie Brochu, said the acquisition makes it possible to combine the know-how of the Quebec hydroelectric giant in the management and development of resources with the detailed knowledge Great River Hydro’s New England market, which has about 100 employees.
“These are high-quality assets, and it is rare for these assets to become available on the acquisition market,” said Brochu in an interview on Radio-Canada’s Tout un matin Wednesday.
Great River Hydro, which has approximately 100 employees, is being sold by affiliates of ArcLight Capital Partners LLC.