Dive Brief:
- Brookfield Renewable has agreed to buy the remaining 67% interest in the 417 MW Safe Harbor hydroelectric generation facility from Exelon.
- Safe Harbor, in Pennsylvania, generates 1,100 gigawatt-hours per year on average. The plant can also act as energy storage and quickly dispatch additional electricity during peak demand.
- Exelon will receive $613 million under the deal, which is expected to close after regulatory approvals are obtained by the end of this year.
Dive Insight:
Brookfield Renewable's 6,000 MW generation portfolio is primarily hydro.
"This investment is consistent with our strategy of owning and operating high-quality, renewable assets in power markets with attractive long-term fundamentals," Brookfield Renewable CEO Richard Legault said.
The deal will be paid, in part, by funding generated from non-recourse, fixed-rate financing, meaning a loan paid for by the profits of the project being funded and not by the borrower's existing assets.
Brookfield Renewable tends to sell power by inking long-term power purchasing agreements with distribution companies.
