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Hydro Québec to acquire Great River Hydro for $2 billion
- 2 years ago (2022-10-14)
- David Flin
HQI US Holding, a subsidiary of Hydro Québec of Canada, will acquire Great River Hydro for around $2 billion.
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Great River Hydro owns 13 hydropower generating stations in New England with a combined installed capacity of 589 MW. These are located along the Connecticut and Deerfield rivers in Vermont, New Hampshire, and Massachusetts. Hydro Québec will acquire the business from affiliates of ArcLight Capital Partners.
The deal will allow Hydro Québec to diversify its revenue in its primary export market. Completion of the deal is subject to customary closing conditions being met, including regulatory approval. Hydro Québec said that Great River Hydro will continue to operate as a distinct business entity, with all its staff remaining in place.
Sophie Brochu, President and CEO of Hydro Québec, said: “Hydro Québec has a long-term energy partnership with New England, as we have been exporting our hydropower to the region since the 1980s. This acquisition represents a unique opportunity to combine our know-how in managing and leveraging hydro facilities with Great River Hydro’s thorough understanding of the New England market. By combining our strengths, we can support the development of new renewable energy projects in a market where such resources are in high demand.”