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ArcLight completes $2bn hydro deal

Cascade from a hydroelectric plant

Infrastructure investor ArcLight Capital Partners has completed the sale of Great River Hydro to Hydro-Québec for approximately $2 billion.

Great River Hydro is the largest conventional hydroelectric portfolio in New England. The company owns 13 hydroelectric generating stations with a total capacity of 589MW along New England's Connecticut and Deerfield rivers, as well as a portfolio of co-located battery storage and solar development projects.

Under ArcLight's ownership, Great River Hydro conducted enhancement projects resulting in 29GWh per year of additional generational capability, as well as an increase of 8MW in qualified capacity. It also developed a pipeline of other organic solar, battery storage, and hydro efficiency projects representing more than 230MW in qualified capacity and close to 240GWh per year of additional generation of renewable energy.

"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," he added.

TD Securities served as exclusive financial advisor to ArcLight, and Latham & Watkins served as legal advisor.