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Ontario Power Generation closes purchase of US hydro assets

Ontario Power Generation Inc. completed its acquisition of 385 MW of hydroelectric projects across five U.S. states from private equity firm I Squared Capital.

Under the deal valued at more than $1.1 billion, the company, or OPG, purchased hydro platform Cube Hydro Partners LLC and its affiliate Helix Partners LLC, which are collectively known as Cube Hydro.

In November 2018, OPG also acquired small U.S. hydro developer Eagle Creek Renewable Energy LLC.

Cube Hydro will be combined with Eagle Creek to form OPG's hydroelectric platform in the U.S. which will operate independently with its own board of directors and management team, OPG said in an Oct. 8 news release.

Following the transaction, OPG owns a total of 85 hydro generating stations in the U.S. with a combined capacity of 619 MW. The new platform also own minority stakes representing roughly 10 MW in 13 other hydroelectric facilities and two solar projects in New England.

The Federal Energy Regulatory Commission approved the transaction in September. (FERC docket EC19-116)

Goldman Sachs & Co. LLC acted as a financial adviser and Dentons served as legal counsel to OPG on the transaction. Centerview Partners acted as financial adviser and Sidley Austin LLP, Troutman Sanders LLP, and Davis Polk & Wardwell LLP served as legal counsel to I Squared Capital on the deal.