The deal for the Mamquam and Queen Charlotte plants owned by Hydro Investment Corp. includes the assumption of over US$4.8M in debt.
Mamquam is a two-unit, 50MW plant on the Mamquam river about 50km north of Vancouver and has been in service since November 1996.
The Queen Charlotte hydro power station is a three-unit, 6MW hydro station on Moresby Island, which went into commercial service in September 1990.
TransCanada said the acquisition had been financed by drawing on a credit facility with two Canadian banks.