Brascan Corporation has announced that it is to acquire a group of hydro power plants located in New York state, US in a deal worth US$900M.
Following the signing of the deal with previous owner Reliant Energy this week, Brascan will now take control of 71 hydroelectric facilities located on six river systems throughout New York, which total some 674MW in generating capacity.
Brascan says the electricity generated will first be sold on the wholesale electricity market, and later contracted to customers on a long-term basis as the power plants are integrated with the company’s existing facilities.
The purchase is to be funded with asset specific financing, with the balance funded out of Brascan’s available financial resources.
Related ArticlesCompletion of Higley project upgrade celebrated