The purchase of Great River Hydro, which owns 13 hydroelectric power plants in the northeastern United States, by a subsidiary of Hydro-Québec was announced on Wednesday. The purchase price is US$2 billion.
In the states of Vermont, New Hampshire, and Massachusetts, Great River Hydro has a total installed capacity of 589 megawatts on the Connecticut and Deerfield rivers. Every year, it provides energy to over 213,000 houses in New England.
According to Hydro-Québec, it is acquiring the largest hydropower park in New England through its subsidiary HQI US Holding. The Quebec state company points out that in this region, the decarbonization and electrification objectives are ambitious, and that electricity production is expected to increase considerably.
In a press release, the President and CEO of Hydro-Québec, Sophie Brochu, said the acquisition makes it possible to combine the know-how of the Quebec hydroelectric giant in the management and development of resources with the detailed knowledge Great River Hydro’s New England market, which has about 100 employees.
All of these positions, as well as the working environment, will be preserved by Hydro-Québec.
The acquisition of Great River Hydro is subject to customary approvals from state and federal regulatory agencies.
The Canadian Press initially published this article on October 11, 2022 in French.
the $2 billion purchase of New England’s Great River Hydro by Hydro-Québec
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