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Stock Market & Financial Investment News

News Breaks
May 15, 2014
18:07 EDTEXC, BEPBrookfield Renewable acquires remaining stake in 417 MW Hydroelectric facility
Brookfield Renewable Energy Partners (BEP) announced that, with its institutional partners, it has entered into an agreement with a wholly-owned subsidiary of Exelon (EXC), to acquire the remaining 67% interest it did not already own in the 417 MW Safe Harbor hydroelectric facility on the Susquehanna River in Pennsylvania. Safe Harbor generates an average of 1,100 GWh annually and possesses storage capabilities that support daily operations and dispatch during peaking hours. It is one of the largest conventional hydroelectric facilities in Pennsylvania-New Jersey-Maryland Interconnection, a market which offers multiple revenue streams including energy, capacity, ancillaries and renewable energy credits. The total purchase price for the transaction is approximately $613M subject to customary working capital adjustments, and will be funded through available liquidity and capital from Brookfield Renewable and its institutional partners. It is expected that a portion of the purchase price will be funded with non-recourse, fixed-rate financing. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to be completed in the third quarter.
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