Hydro-Québec announced on Wednesday the acquisition of Great River Hydro, which was previously owned by investment fund ArcLight Capital Partners. The 13 hydroelectric generating stations are located on the Connecticut and Deerfield rivers.
These are high quality assets, and it is rare that these assets become available on the acquisition market
said Sophie Brochu, President and CEO of Hydro-Québec, on Wednesday All one morningadding that it is not impossible
society to do more.
The CEO also believes that this acquisition will combine the know-how of the Quebec hydroelectricity giant in the management and development of resources with the in-depth knowledge of the New England market of Great River Hydro.
The installed capacity of the power stations is 589 megawatts. Great River Hydro’s production supplies 213,000 homes in New England annually.
By way of comparison, the Manic-5 generating station has an installed capacity of 1,596 megawatts, while that of Carillon, on the Ottawa River, has an installed capacity of 753 megawatts.
We look forward to continuing to provide clean, renewable hydropower to our fellow New Englanders for many years to come.
Great River Hydro President and CEO Scott Hall said in a statement.
Great River Hydro has approximately 100 experienced employees. As Hydro-Quebec wants it to remain an entity in its own right, all jobs will be maintained, as well as working conditions, reiterated Sophie Brochu on Radio-Canada.
Hydro-Québec believes that this acquisition will allow it to diversify its sources of revenue in what is its main export market, the United States.
The transaction is subject to customary approvals from state and federal regulatory agencies.
New hydroelectric dams?
During the election campaign, the Prime Minister François Legault had declared that carbon neutrality had to go through an unprecedented increase in Quebec’s electricity production capacity, with the construction of new dams.
What Mr. Legault proposed in the campaign is, verbatim, the Hydro-Québec strategic plan tabled several months ago.
underlined Ms. Brochu, adding that she had not yet identified the rivers on which the dams could be built.