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November 5, 2013

Brookfield to acquire nine more Maine dams

Brookfield Renewable Energy Partners, a subsidiary of the Toronto-based Brookfield Asset Management, plans to buy nine more dams in Maine, which will give the company 38 dams across the state.

The company announced in a press release that it plans to buy the dams, a total of 70 megawatts of generating capacity, from Black Bear Hydro Partners, which is owned by the Boston-based ArcLight Capital Partners. The sale price was not disclosed.

The acquisition of the dams on the Penobscot, Androscoggin and Union rivers would give Brookfield a total generating capacity of 340 megawatts, according to the Bangor Daily News. Maine’s total hydroelectric capacity is 762 megawatts, according to the Maine Department of Environmental Protection. Around 60% of the dam’s output power is sold into the region’s wholesale electricity market while the rest is under long-term contracts with local utilities, the paper reported.

The company said in a press release it expects the deal to close before the end of 2013, subject to regulatory approval.

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