Brookfield Renewable Energy Partners agrees on stake purchase of hydroelectric assets
Toronto-based Brookfield Renewable Energy Partners said it agreed to buy hydroelectric assets in Maine and California. Brookfield Renewable would be purchasing the stakes in two separate deals from energy-focused private equity firm ArcLight Capital Partners.
The company would buy a 70 megawatt hydroelectric portfolio in Maine. This would consist of nine hydroelectric plants located in the Androscoggin, Penobscot and Union rivers. The purchase would enhance the 270 megawatt operating capacity that Brookfield Renewable has on the same river systems.
Together with its partners, Brookfield Renewable also agreed to purchase the remaining 50% stake in the 30 megawatt Malacha Hydro peaking facility located on the Pit River in Lassen County, California. It had initially bought an interest in Malacha Hydro three years ago.
Financial details of the transaction were not disclosed. However, Brookfield Renewable said funds for the purchase would be taken from the available liquidity and capital from the company's institutional partners. The deals would be completed by the end of this year.