Brookfield Renewable Energy Partners, together with its institutional partners, is to own 100% of the 417MW Safe Harbor hydroelectric facility on the Susquehanna River in Pennsylvania after agreeing an acquisition deal with a subsidiary of Exelon Corporation.
The company currently has a 33% stake in the facility – one of the largest conventional hydroelectric project in the Pennsylvania-New Jersey-Maryland Interconnection ("PJM"). It has now agreed to acquire the remaining 67% for approximately $613 million.
"We are pleased to be acquiring the remaining interest in Safe Harbor," said Richard Legault, President and CEO of Brookfield Renewable. "This investment is consistent with our strategy of owning and operating high-quality, renewable assets in power markets with attractive long-term fundamentals."
