Japanese conglomerate Mitsui has entered into an agreement with Brookfield Renewable Partners to sell its 25% stake in First Hydro for a consideration of JPY5bn ($44.7m).
As per Mitsui, the sale is part of its plans to implement steady, strategic asset recycling over the coming three years.
First Hydro is wholly owned by IPM Holdings (UK) , a joint venture between Engie and Mitsui, with the former holding 75% and the latter a 25% stake.
First Hydro is located in the UK and its portfolio includes two pumped storage hydropower stations and includes Dinorwig Power Station that generates 1.7GW and Ffestiniog Power Station generating 360MW.
Electricity produced from First Hydro’s hydropower stations is supplied by the UK's National Grid Transo to regional networks through high voltage transmission system pylons, cables and transformer stations.
Brookfield Renewable Partners is one of the largest publicly traded company, headquartered in Toronto. The company owns and operates several renewable power assets across the world.
The company’s portfolio consists of several renewable power plants including hydroelectric and wind facilities across North America, Latin America, Europe, with more than 10GW of installed capacity.
Brookfield Renewable Partners is a subsidiary of renewable power company of Brookfield Asset Management, a leading alternative asset manager with $250bn of assets under management.