Firm agrees to buy 13 hydroelectric dams in NH, Vermont and Massachusetts
WILDER, Vt. (AP) — A firm has signed an agreement to buy 13 hydroelectric dams along the Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts.
The Valley News reports Boston-based ArcLight Capital partners says its affiliate, great River Hydro, has agreed to acquire TransCanada's New England dams.
TransCanada bought the dams from USGen New England in 2005 and wanted to sell them to help finance the purchase of a pipeline. The state of Vermont considered buying the dams, but officials said the purchase price, estimated at $800 million to $1.2 billion would be too steep.
Terms of the deal were not disclosed.
ArcLight Capital, which says it has invested in more than $3.1 billion in "renewable power assets" in the U.S., was co-founded in 2000 by Daniel Revers, a Dartmouth College Tuck School of Business graduate.