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MONTREAL — A subsidiary of Hydro-Québec announced a deal Wednesday to buy U.S. power generator Great River Hydro LLC for US$2 billion.

The company owns 13 hydropower generating stations with a total installed capacity of 589 megawatts along the Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts. 

The assets supply enough energy to power over 213,000 homes in New England, the largest hydropower fleet in the state.

Hydro-Québec chief executive Sophie Brochu the deal combines the company's know-how in managing and leveraging hydro facilities with Great River Hydro's thorough understanding of the New England market. 

"By combining our strengths, we can support the development of new renewable energy projects, in a market where such resources are in high demand," Brochu said in a statement.

Hydro-Québec said the acquisition will help diversify its revenue streams in its main export market with one fifth of the energy generated by Great River Hydro subject to long-term supply contracts, offering revenue stability. 

The company added that Great River Hydro's 12,140 hectares of land holdings could allow for a number of renewable energy projects.

Hydro-Québec said Great River Hydro has 100 employees and said that all the jobs and working conditions will be maintained.

Great River Hydro is being sold by affiliates of ArcLight Capital Partners LLC.

The transaction is subject to customary closing conditions, including regulatory approvals.

This report by The Canadian Press was first published Oct. 12, 2022.

The Canadian Press