Hydro-Québec signs $2B acquisition of Great River Hydro in New England
Global News
The Quebec state company points out that in New England in the U.S., the decarbonization and electrification objectives are ambitious
A subsidiary of Hydro-Québec announced on Wednesday it is acquiring Great River Hydro, which owns 13 hydroelectric power stations in the northeastern United States, for US$2 billion.
Great River Hydro has a total installed capacity of 589 megawatts on the Connecticut and Deerfield rivers in the states of Vermont, New Hampshire and Massachusetts. It powers more than 213,000 New England homes annually.
Through its subsidiary HQI US Holding, Hydro-Québec claims it is acquiring the largest hydroelectric park in New England. The Quebec state company points out that in this region, the decarbonization and electrification objectives are ambitious, and that electricity production is expected to increase considerably.
In a press release, the President and CEO of Hydro-Québec, Sophie Brochu, said the acquisition makes it possible to combine the know-how of the Quebec hydroelectric giant in the management and development of resources with the detailed knowledge Great River Hydro’s New England market, which has about 100 employees.
Hydro-Québec is committed to maintaining all of these jobs, as well as working conditions.
The acquisition of Great River Hydro is subject to customary approvals from state and federal regulatory agencies.
This article was first published in French by The Canadian Press on Oct. 11, 2022.
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