TransCanada has completed the $1.07 billion sale of its New England hydroelectric assets to Great River Hydro, Kallanish Energy reports.
The sale includes 13 hydroelectric facilities, stations and associated dams and reservoirs on the Connecticut and Deerfield rivers in New Hampshire, Vermont and Massachusetts.
The facilities have a total generating capacity of 584 megawatts.
The system is the largest conventional hydro system in New England and includes the 192-megawatt Moore facility, the largest conventional hydro station in New England.
Great River Hydro is an affiliate of Boston-based private equity firm ArcLight Capital Partners. The sale had been announced last fall.
Great River Hydro has pledged to keep all personnel, honor a union contract and continue license renewals at three locations: Bellows Falls, Wilder and Vernon.
The company is being directed by Scott Hall, a portfolio executive with ArcLight with 27 years’ experience managing hydroelectric facilities in the Northeast.
Calgary-based TransCanada will use the sale proceeds to pay down debt from its 2016 acquisition of the Columbia Pipeline Group.