Brookfield Renewable Buys Hydroelectric Assets In New England, California

(RTTNews) - Brookfield Renewable Energy Partners L.P. (BEP_U.TO, BEP) said Friday it agreed to acquire a 70 MW hydroelectric portfolio in Maine, and the remaining 50% stake in its 30 MW Malacha Hydro facility in California. Both transactions will be pursued with Brookfield Renewable's institutional partners, the firm noted.

The Maine portfolio being acquired from affiliates of ArcLight Capital Partners, LLC, comprises nine hydroelectric facilities on the Penobscot, Androscoggin and Union rivers. The facilities have average expected generation of about 375,000 megawatt hours annually.

The acquisitions, the company said, will be funded through available liquidity and available capital from Brookfield Renewable's institutional partners. It is expected that a part of the purchase price will be funded with non-recourse, fixed-rate debt.

The transactions are subject to regulatory approvals and other customary closing conditions and are expected to close before the end of 2013.