Canadian renewable energy company Brookfield Renewable Energy Partners has acquired the remaining 50% stake in Powell River Energy for CAD$33m ($32.92m).

Comprising two generating stations, the 83MW Powell River Energy can produce an average 546 GWh of electricity per annum and was acquired from Brookfield’s partner Catalyst Paper Corporation.

The facility has a storage capacity of nearly 158GWh and is interconnected to the British Columbia power grid.

Brookfield Renewable president and CEO Richard Legault stated, "These assets have been an important part of our portfolio since 2001 and we look forward to the continued ownership and operation of these high quality hydroelectric generating facilities."

The transaction is expected to close by April 2013 and is subject to various closing conditions, including an approval from the British Columbia Supreme Court.

Subsequent to the transaction, Brookfield Renewable will also assume its partner’s portion of the non-recourse debt in the venture.

The company will finance the acquisition through available liquidity.