CDPQ has signed an agreement with Brookfield Asset Management and its institutional partners, including its listed affiliate Brookfield Renewable, to acquire its 25 percent stake in First Hydro Company.
First Hydro is a critical electricity generation and storage facility in the United Kingdom, responsible for the management and operation of two power plants at Dinorwig and Ffestiniog in the Snowdonia region of Wales.
First Hydro offers a capacity of more than 2,000 megawatts, representing 76 percent of the total pumped hydro storage in the United Kingdom, making it a critical infrastructure to face the country's increasing needs of grid flexibility and stability.
Engie is the majority shareholder who owns the remaining 75 percent of the company.
“First Hydro is playing a critical role in helping the United Kingdom manage its national electricity system and meet its net-zero commitment by providing renewable electricity and storage capabilities,” said