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Hydro-Québec to acquire Great River Hydro With 13 hydropower generating stations in New England
11/02/2022
Vermont Business Magazine HQI US Holding LLC, a wholly-owned subsidiary of Hydro-Québec, concluded the agreement to purchase Great River Hydro, LLC, which possesses 13 hydropower generating stations with a total capacity of 589 megawatts along New England's Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts.
The affiliates of ArcLight Capital Partners, LLC is selling Great River Hydro for a price of roughly US $2 billion. The facilities are situated along the Connecticut and Deerfield rivers. Hydro-Québec is the largest single supplier of electricity to Vermont, comparing to the closed Vermont Yankee nuclear power station in Vernon which produces 620 megawatts.
Additionally, Hydro-Québec is buying the greates hydropower fleet in New England, where ambitious decarbonization and electrification aims have been set out and where the amount of electricity provided from variable renewable energy sources are poised to soar.
H-Q informed that hydropower is the solely renewable energy capable of balancing the intermittency of the wind and solar resources that are organized for the coming years.
Hydro-Québec has a long-term energy partnership with New England, as it has been exporting the hydropower to the region since the 1980s. This purchase represents a unique opportunity to connect the know-how in managing and leveraging hydro facilities with Great River Hydro's thorough understanding of the New England market. By combining these strengths, the company holds up the development of new renewable energy projects, in a market where such resources are wanted.
Together with management, ArcLight successfully conveyed Great River Hydro from a high-quality portfolio of assets to a standalone platform positioned for further expansion. ArcLight is confident that Hydro-Québec will be an excellent steward to Great River Hydro's stakeholders in the next chapter of its corporate life.
Great River Hydro has about 100 skilled employees. Given that Hydro-Québec wants it to remain a distinct entity, all jobs and working conditions will be kept.
The deal of Great River Hydro will also enable Hydro-Québec to expand its revenue streams in its main export market. The deal will make additional income for Hydro-Québec as of the first year.
Consummation of the transaction remains subject to customary closing conditions, including applicable regulatory approvals.
Great River Hydro has A 589-MW hydropower fleet, 13 cascading generating stations and 3 storage-only reservoirs along some 310 miles (500 km) of the Connecticut and Deerfield rivers. Moreover, its annually supply has enough energy to power over 213,000 homes in New England. One fifth of the energy generated is subject to long-term supply contracts, guaranteeing revenue stability. Land holdings of almost 30,000 acres (12,140 hectares), allowing for the possibility of various renewable energy projects.
Hydro-Québec generates, transmits and distributes electricity. It is Canada's largest electricity producer and ranks among the world's largest hydropower producers. Its sole shareholder is the Québec government.
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Momentum Midstream Becomes a Leader in Haynesville Due to Latest Acquisitions
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Houston-based company Momentum Midstream LLC on September 22 purchased Midcoast Energy LLC’s East Texas business from an affiliate of Arc Light Capital Partners LLC and Align Midstream LLC from Tailwater Capital and claimed that it establishes a leading presence in the Haynesville Shale. New Generation Gas Gathering or NG3 project will collect natural gas produced in the Haynesville Shale for re-delivery to premium Gulf Coast markets, including LNG export. Moreover, the NG3 project includes a carbon capture and sequestration component that will eliminate 100% of the CO₂ and accumulate it underground for a long time, creating a net negative carbon footprint. With the combined assets of Midcoast ETX and Align Midstream, Momentum is currently delivering volumes of more than 2 Bcf/d for a diverse customer base composed of producers, utilities, end-users, and LNG exporters. Momentum’s footprint in the Haynesville includes about 3,000 miles of gathering pipelines, 1.5 Bcf/d of treating capacity, 700 MMcf/d of processing capacity, 200,000 HP of compression, and 820 miles of pipelines transporting gas to the Gulf Coast markets in southeast Texas and the Carthage and Bethel markets in East Texas.
Chesapeake Sells Its Brazos Valley Assets to Be Sold for $1.43 Billion to WildFire Energy
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In order to sell its part of the sprawling Eagle Ford Shale acreage, Chesapeake Energy Corp. on January 18 concluded an agreement to trade its Brazos Valley region assets to WildFire Energy I LLC for $1.425 billion.
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Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
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The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
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Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.