Business, North America, Small Hydro

Eversource finalizes sale of nine small hydroelectric facilities to Hull Street Energy

Nine small hydroelectric facilities in New Hampshire will now operate under the ownership of an affiliate of Hull Street Energy, after Eversource completed their sale.

The plants are 16-MW Amoskeag (pictured above), 8.4-MW Ayers Island, 1.1-MW Canaan, 6.4-MW Eastman Falls, 12.1-MW Garvins Falls, 2.2-MW Gorham, 1.6-MW Hooksett, 3.2-MW Jackman and 17.2-MW Smith.

Under this sale agreement, the new owner must keep the plants in service for at least 18 months and must honor a comprehensive employee benefits package. Eversource will provide three years of tax stabilization payments to communities where a power plant was sold for less than its assessed value.

Hull Street Energy “is building a significant presence in the North American power sector,” Eversource said.

On its website, the company announced the acquisition of hydroelectric assets from Carlyle in June 2017. The website says the company owns Central Rivers Power, which owns and operates 14 hydroelectric plants with a combined installed capacity of 86 MW in central New England.

“The completion of this sale is the final milestone in the deregulation of the electric utility industry in the Granite State, which will provide a number of important benefits to our customers,” said Bill Quinlan, president of Eversource New Hampshire.

This sale is a component of a comprehensive restructuring and rate stabilization agreement established in 2015.

Eversource completed the sale of its New Hampshire fossil facilities in January 2018.