A Hydro-Quebec subsidiary is buying a company that operates 13 hydropowergenerating stations in Vermont, New Hampshire and Massachusetts, strengthening its relationship with New England.
The $2 billion purchase of Great River Hydro LLC and the dams that produce 589 megawatts of electricity will provide Hydro-Quebec with the largest hydropower operation in New England, officials said Wednesday.
Hydro-Quebec has a long relationship with New England, providing hydropower to the region since the 1980s.
Sophie Brochu, president and CEO of Hydro-Quebec, said the agreement to acquire Great River and the dams along 310 miles (500 kilometers) of the Connecticut and Deerfield rivers from affiliates of ArcLight Capital Partners will leverage the capabilities of both companies.
"By combining our strengths, we can support the development of new renewable energy projects in a market where such resources are in high demand," Brochu said.
Great River has about 100 workers, all of whom will be retained after the purchase is completed, officials said.
This is the second acquisition in the U.S. by Hydro-Quebec's HQI US Holding LLC. Last year, the subsidiary made a joint purchase with Innergex Renewable Energy Inc. of two hydroelectric generating stations in New York state for about $318 million.
