Brookfield Renewable Energy Partners L.P. has acquired a 33% interest in Pennsylvania's 417-MW Safe Harbor hydroelectric plant, according to a quarterly results report released earlier this week.
Safe Harbor, located on the Susquehanna River, is one of the largest hydropower projects in America's northeast.
Brookfield Renewable (NYSE: BEP) said the company and its institutional partners have entered into an agreement to acquire a 33% economic share and 50% voting interest in the plant.
The acquisition is valued at US$289 million subject to working capital adjustment, and will be funded through available liquidity and capital from Brookfield Renewable and its partners. The deal is still subject to regulatory approvals and is expected to be completed within the first quarter of this year.
"The acquisition of additional hydro capacity in the northeastern United States further demonstrates our ability to acquire renewable power assets on a value basis," Brookfield Renewable President and CEO Richard Legault said.
Brookfield Renewable announced in 2013 that it had acquired a 70 MW portfolio in Maine and the remaining 50% interest in California's 30-MW Malacha project.