TCorp, the investment and financial management partner of the New South Wales (NSW) public sector, has acquired a 49% stake in Canadian hydroelectric generation assets operated by H20 Power.
H2O Power is the third largest provider of hydroelectric power in Ontario and remotely operates its Canadian generating stations from its Control Center in Oshawa Ontario. Under the terms of the recent deal, TCorp now an interest in H2O Power’s eight Canadian hydroelectric generation assets: Norman, Kenora, Fort Frances, Sturgeon Falls, Calm Lake, Iroquois Falls, Island Falls and Twin Falls.
“We are pleased to be starting a new partnership with TCorp, who also shares our long-term investment approach and commitment to clean energy,” said Jim Gartshore, President, H2O Power. “The existing team, which formed H2O Power in 2007, will continue to operate, maintain and manage these facilities, thereby ensuring continuity and performance. We look forward to working with the new co-owner to produce reliable hydroelectric power from our recently refurbished and upgraded fleet as well as seeking out additional opportunities in renewable energy.”
“We are absolutely delighted that we have been able to access this long-term investment opportunity and are able to partner with both H2O Power and their shareholder PSP Investments,” said Stewart Brentnall, Chief Investment Officer, at TCorp. “We all share, and are committed to, common objectives, values and investment horizons. This renewable energy infrastructure investment allows us to expand our global investments, further diversify risk and provide positive, sustainable returns over the long term.”
Assets in the Canadian portfolio have been operating for over 80 years and facilities have recently undergone major refurbishments and upgrades to ensure they continue to be maintained as perpetual life assets. There are no plans for changes in reservoir management or operations.