ArcLight sold to its renewable energy infrastructure platform Great River Hydro to Hydro- Québec, adding to the largest conventional hydroelectric fleet in New England to the Canadian company’s portfolio. (Source: Evgeny_V/ Shutterstock.com)
ArcLight Capital Partners LLC completed the sale of renewable energy infrastructure platform Great River Hydro LLC to HQI US Holding LLC, a subsidiary of Hydro-Québec Corp., on Feb. 10 for approximately $2 billion, the two companies announced in separate press releases.
Great River Hydro owns the largest conventional hydroelectric portfolio in New England, with 13 hydroelectric generating stations generating a total capacity of 589 megawatts (MW) on the Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts.
Great River Hydro supplies carbon-free electricity to New England. A portion of its generation output is sold to utility and regional municipalities under long-term supply agreements made in 2021 and 2022.
During ArcLight’s ownership, the company added additional generation capacity of 29 gigawatts per hour (GWh) per year to Great River Hydro’s generating portfolio, an increase of 8 MW in qualified capacity, according to ArcLight’s press release. ArcLight also established a pipeline of other organic solar, battery storage and hydro efficiency projects with more than 230 MW in qualified capacity and almost another 240 GWh per year of renewable energy generation.
"Our 2017 investment was based in part on the growing importance of the role the company plays in transitioning electricity markets," said Andrew Brannan, managing director at ArcLight. "We were excited to support the development of a standalone renewable energy infrastructure platform in New England through investment into co-located solar and battery projects, and the execution of long-term contracts with leading regional suppliers in New England, while continuing to maintain and operate its large-scale portfolio of hydroelectric supply."
Hydro-Québec generates and distributes electricity and is Canada’s largest electricity producer and one of the world’s largest hydropower produces.
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