HQI US Holding, a subsidiary of Canadian energy utility Hydro-Québec, has agreed to acquire Great River Hydro for around $2bn.

Great River Hydro owns 13 hydropower generating stations, with a combined installed capacity of 589MW.

These are located along New England’s Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts.

The hydropower fleet has the capacity to meet the electricity needs of more than 213,000 homes in New England.

Hydro-Québec will acquire the business from affiliates of ArcLight Capital Partners.

Hydro-Québec president and CEO Sophie Brochu said: “Hydro-Québec has a long-term energy partnership with New England, as we have been exporting our hydropower to the region since the 1980s.

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“This acquisition represents a unique opportunity to combine our know-how in managing and leveraging hydro facilities with Great River Hydro’s thorough understanding of the New England market.

“By combining our strengths, we can support the development of new renewable energy projects in a market where such resources are in high demand.”

Through this deal, Hydro-Québec is acquiring the largest hydropower fleet in New England.

The deal will allow the company to diversify its revenue in its primary export market.

Its completion is subject to customary closing conditions being met, including regulatory approvals.

Hydro-Québec said that Great River Hydro will continue to operate as a distinct business entity, with all its staff remaining in place.

Great River Hydro president and CEO Scott Hall said: “We are excited to be joining Hydro-Québec in the coming months.

“Their deep knowledge of the hydroelectric industry and long history in the New England market gives us tremendous confidence that Great River Hydro is an ideal fit, and we look forward to continuing to provide clean, renewable hydroelectricity to our New England neighbours for years to come.”

Last April, Hydro-Québec obtained approval from the Québec Government for the Appalaches–Maine Interconnection Line project.