I Squared Capital to sell 385 MW hydro platform to Ontario Power Generation
Ontario Power Generation (OPG) has announced it has entered into an agreement to acquire Cube Hydro through its U.S. hydroelectric platform. Cube Hydro is an operator of small and medium-sized hydropower facilities based in the northeast and southeast United States.
The investment will be financed primarily through OPG's corporate public debt program or other available credit facilities. Goldman Sachs & Co. LLC acted as a financial advisor to OPG on the acquisition. The transaction is subject to standard regulatory approvals. Once the acquisition is finalized, Cube Hydro will operate as part of the OPG's U.S. hydroelectric platform.
Established in 2014, Cube Hydro operates 19 hydropower facilities, providing 385 MW of in-service capacity. The facilities are located in New York, Pennsylvania, Virginia, West Virginia and North Carolina. The enterprise value is US$1,123 million, subject to customary working capital and other adjustments on closing.
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