Reliant Energy has reached an agreement to sell its two remaining hydroelectric generating stations to Brascan Power, for $42 million, subject to certain closing adjustments. The transaction is expected to close in the second quarter.
The units, which include the Piney Station, located near Clarion, Pennsylvania, and Deep Creek station, located in western Maryland near Oakland, have generating capacity totaling 48-megawatts. Electricity from these facilities is sold into the wholesale market in the PJM (Pennsylvania, New Jersey and Maryland) interconnection.
The deal comes just months after Reliant completed the sale of 71 operating hydropower plants in upstate New York as well as the fossil-fueled Carr Street Generating Station in East Syracuse, New York, to Brascan for approximately $900 million.
The purchase is in keeping with Brascan’s recent busy activity in the area of acquisitions. In addition to its buys from Reliant, only last week Brascan completed the purchase two hydroelectric generating facilities, totaling 23-megawatts of capacity, from Delta Power Company, for $31.4 million.