ArcLight sells New England’s Great River Hydro to Hydro-Québec

• Great River Hydro owns 13 hydroelectric generating stations with a total capacity of 589 megawatts along New England’s Connecticut and Deerfield rivers
• Hydro-Québec is a public utility that manages the generation, transmission and distribution of electricity
• ArcLight invested in Great River Hydro in 2017

ArcLight Capital Partners has sold Westborough, Massachusetts-based Great River Hydro, a renewable energy infrastructure platform, to affiliates of Hydro-Québec. The value of the deal was about $2 billion.

Great River Hydro owns 13 hydroelectric generating stations with a total capacity of 589 megawatts along New England’s Connecticut and Deerfield rivers, as well as a portfolio of co-located battery storage and solar development projects.

ArcLight invested in Great River in 2016. During the firm’s ownership, Great River Hydro operated as a standalone renewable energy platform focused on supplying carbon-free electricity to New England’s electricity market. A portion of its generation output is sold to utilities and regional municipalities pursuant to long-term supply agreements executed in 2021 and 2022.

“As a long-time owner and operator of hydroelectric assets across the United States, ArcLight was pleased to support Great River Hydro’s establishment as a premier renewable energy infrastructure platform,” said Dan Revers, founder and managing partner of ArcLight, in a statement. “We expect the company to continue playing a leading role in the energy transition in New England, and we look forward to its ongoing success.”

Based in Montreal, Hydro-Québec is a public utility that manages the generation, transmission and distribution of electricity.

Headquartered in Boston, ArcLight targets mid-market, value-added infrastructure investments.

TD Securities served as financial advisor to ArcLight, while Latham & Watkins served as legal advisor.