Brascan Power announced today that it has completed the acquisition of two hydroelectric generating stations totaling 48MW from Reliant Energy for US$42M.
‘The closing of this acquisition is a significant milestone in our strategy to expand in the northeast as it marks our first foray into the Pennsylvania, New Jersey and Maryland (PJM) electricity market. At the same time, it furthers our objective of geographic diversification,’ said Harry Goldgut, Chairman and Chief Executive Officer of Brascan Power.
The Piney station is a 28MW facility located on the Clarion river in Pennsylvania and the Deep Creek station has a 20MW capacity and is located on the Youghiogheny river in Maryland. The combined average output of the facilities, totalling 96GWh/yr, together with capacity and ancillary products, will be sold into the PJM electricity market.