Brookfield Renewable Energy Partners L.P. and its institutional partners have entered into an agreement to acquire the remaining interest in the 417-MW Safe Harbor hydropower plant.
The US$613 million deal will see Brookfield assume control of the remaining 67% share from a wholly-owned subisidary of the Exelon Corporation. Brookfield acquired the previous 33% in February.
“We are pleased to be acquiring the remaining interest in Safe Harbor,” Brookfield president and CEO Richard Legault said. “This investment is consistent with our strategy of owning and operation high-quality, renewable assets in power markets with attractive long-term fundamentals.”
The deal will be funded through available liquidity and capital from Brookfield (NYSE: BEP) and its partners. The company said it expects a portion of the purchase price will be refunded with non-recourse, fixed-rate financing.
The transaction is subject to regulatory approval and is expected to be completed within the third quarter of this year.
Located on Pennsylvania’s Susquehanna River, Safe Harbor is one of the largest hydropower plants in America’s northeast.
Brookfield Renewable announced in 2013 that it had acquired a 70 MW portfolio in Maine and the remaining 50% interest in California’s 30-MW Malacha project.