Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and Régime de Rentes du Mouvement Desjardins, Desjardins Financial Security Life Assurance Company, and Certas Home and Auto Insurance Co. have announced the acquisition of Regional Power from The Manufacturers Life Insurance Co. Regional Power’s assets include three operating run-of-river hydroelectric projects with a combined installed capacity of approximately 70 megawatts and a pipeline of development stage wind and hydro generation opportunities.
“CC&L Infrastructure is pleased to expand its portfolio of Canadian hydroelectric facilities with the acquisition of these high-quality assets,” said Matt O’Brien, president of CC&L Infrastructure. “This investment leverages our experience owning and operating hydro assets and is expected to deliver stable, contracted cash flows for many years to come. We look forward to working with our First Nations partners and the outstanding team at Regional Power in the successful integration and operation of these projects.”
The Long Lake, Bear Creek and White River operating assets are high-quality, recently built hydroelectric projects, which benefit from long useful lives and the ability to store water and deliver energy during high demand periods. Each of the assets operates under a 40-year electricity purchase agreement for 100 percent of their output from investment-grade counterparties of which 33 to 37 years remain. The Long Lake and Bear Creek assets are located in British Columbia and have electricity purchase agreements in place with the BC Hydro and Power Authority. The White River asset is located in Ontario and has an electricity purchase agreement in place with the Independent Electricity System Operator.