ArcLight Completes $2B Sale of Renewable Energy Platform Great River Hydro
Private equity firm ArcLight Capital Partners announced the completion of its $2 billion sale of Great River Hydro, the largest conventional hydroelectric portfolio in New England, to Hydro-Québec.
The deal was first unveiled in October 2022. At the time, the Canadian electric utility said the purchase will diversify the revenue streams in its main export market and provide access to 30,000 acres of land for various renewable energy projects.
Boston-based ArcLight owned Great River Hydro for about five years during which it undertook certain enhancements that added 29 GWh of annual generational capability and 8 MW in qualified capacity, according to the company. In addition, it has developed a pipeline of organic solar, battery and hydro efficiency projects representing over 230 MW in qualified capacity.
Great River Hydro owns 13 cascading hydroelectric power plants with a total capacity of 589 MW and some co-located battery storage and solar developments along New England’s Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts.
TD Securities served as exclusive financial advisor to ArcLight, and Latham & Watkins served as legal advisor.