Brookfield Renewable Energy Partners L.P. has acquired 19 hydroelectric generating stations from a NextEra Energy Resources, LLC.
The deal includes 19 hydropower projects and eight upstream storage reservoir dams -- all located along the Kennebec, Androscoggin, Saco and Presumpscot rivers in Maine and New Hampshire.
"This high-quality, scale portfolio increases our footprint in the attractive New England market to nearly 1,000 MW of installed capacity," said Richard Legault, Brookfield President and Chief Executive Officer. "This transaction also provides a unique opportunity to leverage our operating platform while positioning us to participate in rising electricity prices over time."
A Brookfield release said the portfolio includes Maine's two largest hydropower facilities, and that all power generated will be sold into New England's wholesale energy market. The company also said some of the plants have undergone recent modernizations, and most have been licensed by the Federal Energy Regulatory Commission (FERC) through at least 2036.
The sale is based on an enterprise value of US$760 million, which includes $700 million in existing non-recourse project debt. The transaction is still subject to regulatory approval and other closing conditions, but is expected to close in the first quarter of 2013.
HydroWorld.com reported in November that the Canada-based company had purchased the 378-MW Tapoco hydropower project from Alcoa Power Generating Inc.