In recent business news, BluEarth Renewables LP has completed the acquisition of three hydro facilities in British Columbia and one wind facility in Ontario.
Together the four facilities have a capacity of 85 MW. All three hydro plants are run of river, the company says. The names of the facilities were not released.
The facilities were purchased from Veresen Inc. BueEarth says financial terms of the acquisition are confidential. Blake, Cassels & Graydon LLP acted as legal counsel and RBC Capital Markets acted as financial advisor to BluEarth for the acquisition.
“In addition to pursuing greenfield opportunities, BluEarth’s growth strategy includes pursuing targeted acquisitions where we can take full advantage of our existing footprint and operational bench strength,” said Grant Arnold, president and chief executive officer of BluEarth. “With this acquisition, we now have a portfolio of over $1.7 billion of renewable energy facilities in operation and construction.”
BluEarth is a private, independent renewable power producer focused on the acquisition, development, construction and operation of wind, water and solar projects. The company’s majority shareholder is the Ontario Teachers’ Pension Plan Board.
According to the website, BluEarth owns 15 hydropower facilities with a total capacity of 253 MW. These plants are located in British Columbia and Ontario, Canada, and Pennsylvania, U.S. The company is also developing the 33-MW Narrows Inlet Hydro Project, expected to be operational in 2018.
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