ArcLight Capital Partners, one of the renewable energy investors in the United States, has announced that its affiliate Great River Hydro signed a definitive agreement to acquire TransCanada’s New England hydroelectric power portfolio.
With 13 facilities on the Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts, TransCanada’s 584 MW renewable power portfolio is the largest conventional hydro system in New England. The portfolio includes the 192 MW Moore facility, the largest conventional hydro station in New England, and 12 other facilities totaling 392 MW. The transaction is expected to close in mid-2017, subject to customary regulatory and other approvals.
Great River Hydro anticipates a smooth transition of ownership. The company has committed to retain all existing operational personnel, plans to assume the recently negotiated union contract, and will continue the FERC relicensing process currently underway at the Bellows Falls, Wilder and Vernon facilities.
Based in Boston, Massachusetts, and founded in 2001, the firm has invested more than $3.1 billion of capital in renewable power assets, representing approximately 5,000 MW of generation. The firm has successfully led some of the most notable renewable projects in the United States, including developing and operating one of the largest wind farms in the world. The firm is committed to maintaining strong partnerships with employees, host communities, states and other local stakeholders.
ArcLight also has over a decade of experience owning and operating hydroelectric power generation facilities in New England. Since 2006, ArcLight has acquired and operated 10 hydro facilities along the Penobscot, Union and Androscoggin rivers in Maine.
Great River Hydro will be led by Scott Hall, a long-term portfolio executive of ArcLight with over 27 years of experience managing hydroelectric generating facilities and companies in the Northeast. Mr. Hall has been directly responsible for all facets of hydroelectric company operations, including employee management, environmental compliance, facility maintenance and operations, and business development activities. Mr. Hall has also been an active leader in a variety of stakeholder processes that addressed numerous socio-economic issues related to river flows, energy development and natural resource management. Mr. Hall. said:
“We have been incredibly impressed by the quality of both the hydroelectric facilities and the operations team. I am very excited to work with the team to continue the level of excellence they have already achieved in providing reliable, renewable power in Vermont, New Hampshire and Massachusetts.”
Dan Revers, Managing Partner and co-Founder of ArcLight added:
“We are thrilled to expand our renewable footprint by acquiring these premier hydroelectric assets from TransCanada. New England is a key geography for ArcLight, and we look forward to working with local communities and other constituencies across the region.”