Hydro-Quebec announced on Wednesday an investment of US$2 billion for the acquisition of 13 hydroelectric power stations in New England.
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This historic acquisition for Hydro-Québec constitutes a long-term strategic partnership that will allow the Crown corporation to earn additional revenues in its main export market from the first year.
Hydro-Québec has thus acquired the largest hydroelectric park in New England, which has ambitious decarbonization and electrification objectives with an increase in the production of electricity from renewable and variable sources.
Located on the Connecticut and Deerfield shores in the states of Vermont, New Hampshire and Massachusetts, the plants with an installed capacity of 589 megawatts belong to the Great River Hydro company, which the owners have decided to put up for sale.
The production of energy by the 13 hydroelectric power stations acquired by Hydro-Québec annually supplies more than 213,000 homes in New England, but only a fifth is subject to contracts.
“This acquisition allows us to combine our know-how in the management and development of hydroelectric resources with Great River Hydro’s in-depth knowledge of the New England market”, indicated Sophie Brochu, President and CEO of Hydro- Quebec.
“By joining forces, we will be able to support the deployment of new means of renewable production, in a market where these are in very high demand”, added Mr.me Leaflet.
“We look forward to joining Hydro-Québec in the next few months,” said Great River Hydro President and CEO Scott Hall. […] We are convinced that this is the ideal partner for us.”