The company, a subsidiary of PPL Corp, has signed a definitive agreement to sell five plants subject to regulatory approvals. The divestment is expected to close this year.
The plants - Ellsworth, Medway, Milford, Orono and Stillwater - have combined installed capacity of 23MW, and are described as non-core assets.
Black Bear Hydro Partners is an affiliate of ArcLight Capital Partners, LLC.
As part of a wider transaction with PPL, ArcLight also plans to buy the other 50% stake in the 13MW West Enfield facility to secure full ownership.
Separately, PPL is also selling three plants to the Penobscot River Restoration Trust. Last year the Trust said it had raised US$25M to buy three dams (Veazie, Great Works and Howland) on the Penobscot river from PPL, and remove two to improve fisheries.
