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FERC approves OPG's request to acquire 385-MW hydro portfolio in US

The Federal Energy Regulatory Commission approved Ontario Power Generation Inc.'s request to acquire a 385-MW portfolio of hydroelectric projects across five U.S. states.

Under the deal, U.S. private equity firm I Squared Capital will divest its interest in Cube Yadkin Generation LLC, Cube Yadkin Transmission LLC, Black River Hydroelectric LLC, Lake Lynn Generation LLC and PE Hydro Generation LLC. OPG said the transaction has an enterprise value of more than $1.1 billion.

Cube Yadkin owns the 39-MW Tuckertown, 119-MW Narrows, 30.5-MW Falls Hydro and 22-MW High Rock hydro facilities, located on the Yadkin River in North Carolina. These plants feed power into the Duke Energy Corp. utility Duke Energy Carolinas LLC electric grid.

Cube Yadkin Transmission owns approximately 21 miles of 13.8-kV and 100-kV transmission lines.

PE Hydro owns the 1.9-MW Dam 4, 1-MW Dam 5, 1.6-MW Luray, 3-MW Millville, 1.5-MW Newport, 900-kW Shenandoah Hydro and 800-kW Warren Hydro facilities located within the PJM Interconnection service area.

The other two units are the 52-MW Lake Lynn facility in PJM and the 32.6-MW Glen Park hydroelectric project in the New York ISO region.