ArcLight Capital Partners has completed the sale of Great River Hydro to Hydro-Québec affiliates for $2bn (€1.9bn).
ArcLight said the disposal of the US renewable energy infrastructure platform was completed on 10 February.
Great River Hydro Great is the largest conventional hydroelectric portfolio in New England. The company owns 13 hydroelectric generating stations with a total capacity of 589MW along New England’s Connecticut and Deerfield rivers, as well as a portfolio of co-located battery storage and solar development projects.
ArcLight has owned the platform since 2017.
Dan Revers, founder and managing partner of ArcLight, said: “As a long-time owner and operator of hydroelectric assets across the US, ArcLight was pleased to support Great River Hydro’s establishment as a premier renewable energy infrastructure platform.
“We expect the company to continue playing a leading role in the energy transition in New England, and we look forward to its ongoing success.”
Andrew Brannan, managing director at ArcLight, said: “Our 2017 investment was based in part on the growing importance of the role the Company plays in transitioning electricity markets.
”We were excited to support the development of a standalone renewable energy infrastructure platform in New England through investment into co-located solar and battery projects, and the execution of long-term contracts with leading regional suppliers in New England, while continuing to maintain and operate its large-scale portfolio of hydroelectric supply.”
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