ArcLight Completes Sale of Premier Renewable Energy Infrastructure Platform

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Feb 21, 2023, 09:01 ET

Great River Hydro Represents the Largest Conventional Hydroelectric Portfolio in New England

BOSTON, Feb. 21, 2023 /PRNewswire/ -- ArcLight Capital Partners, LLC, a leading middle market infrastructure investor, and its affiliates (collectively "ArcLight") announced completion of the sale of Great River Hydro, LLC ("Great River Hydro" or "the Company") to affiliates of Hydro-Québec on February 10, 2023 for a value of approximately $2 billion.

Great River Hydro, a leading U.S. renewable energy infrastructure platform, represents the largest conventional hydroelectric portfolio in New England. The Company owns 13 hydroelectric generating stations with a total capacity of 589 megawatts along New England's Connecticut and Deerfield rivers, as well as a portfolio of co-located battery storage and solar development projects.

During ArcLight's more than five-year ownership, Great River Hydro operated as a standalone renewable energy platform focused exclusively on supplying carbon-free electricity to New England's electricity market. A portion of its generation output is sold to utilities and regional municipalities pursuant to long-term supply agreements executed in 2021 and 2022.

"As a long-time owner and operator of hydroelectric assets across the United States, ArcLight was pleased to support Great River Hydro's establishment as a premier renewable energy infrastructure platform," said Dan Revers, Founder and Managing Partner of ArcLight. "We expect the Company to continue playing a leading role in the energy transition in New England, and we look forward to its ongoing success."

"Our 2017 investment was based in part on the growing importance of the role the Company plays in transitioning electricity markets," said Andrew Brannan, Managing Director at ArcLight. "We were excited to support the development of a standalone renewable energy infrastructure platform in New England through investment into co-located solar and battery projects, and the execution of long-term contracts with leading regional suppliers in New England, while continuing to maintain and operate its large-scale portfolio of hydroelectric supply."

Under ArcLight's ownership, Great River Hydro conducted enhancement projects resulting in 29 GWh per year of additional generational capability, and an increase of 8 MW in qualified capacity. It also developed a pipeline of other organic solar, battery storage, and hydro efficiency projects representing more than 230 MW in qualified capacity and close to 240 GWh per year of additional generation of renewable energy.

TD Securities served as exclusive financial advisor to ArcLight, and Latham & Watkins served as legal advisor.

About ArcLight

ArcLight Capital Partners, LLC is an experienced, middle-market, value added infrastructure investment firm. Founded in 2001, ArcLight helped establish infrastructure as an asset class by pioneering an asset-based private equity approach to investing in infrastructure and has since built an experienced and successful investment platform. Based in Boston, ArcLight's investment team employs a value-added, operationally intensive investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm's approximately 1,800-person asset management operational partner. More information about ArcLight can be found at www.arclight.com.

Contact:
Charlyn Lusk
Stanton
(646) 502-3549
[email protected]

SOURCE ArcLight Capital Partners