Brookfield has sold half of a 378MW US hydroelectric portfolio to Argo Infrastructure Partners for an undisclosed sum.
Argo said it acquired the 50% interest in Smoky Mountain, marking the sixth and final investment for its core Series 3 funds.
Smoky Mountain owns and operates four hydroelectric generating and storage facilities in Tennessee and North Carolina. The system also includes an 86-mile transmission line.
The Smoky hydro portfolio has the capacity to generate an annual average of approximately 1.4m megawatt-hours of carbon-free power, estimated to avoid 1.1m tons of CO2 per year.
Brice Soucy, principal at Argo, said: “We and our investor partners are pleased to invest in the Smoky portfolio. As one of the largest scale renewable and hydroelectric assets in the Tennessee Valley region, Smoky contributes materially to the transition to a clean energy future by providing on-peak/on-demand carbon-free electricity.”
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