The Federal Energy Regulatory Commission on Feb. 17 approved the sale by Talen Energy (NYSE: TLN) of the Wallenpaupack and Holtwood hydroelectric facilities in Pennsylvania.
On Nov. 6, 2015, Holtwood LLC and BIF III Holtwood LLC requested commission authorization for a transaction whereby BIF III Holtwood will purchase from Holtwood the physical assets (and real property interests located within the FERC designated boundaries) associated with the Wallenpaupack Hydroelectric Project and the Holtwood Project.
- The Wallenpaupack Project is a 44-MW hydroelectric station located within the Delaware River Basin on Wallenpaupack Creek and the Lackawaxen River in Pike and Wayne counties, Pennsylvania.
- The Holtwood Project is a 249-MW hydroelectric station located on the Susquehanna River in Martic Township, Lancaster County, Pennsylvania.
Both projects are interconnected to the transmission system of PPL Electric Utilities Corp.
BIF III Holtwood is affiliated with several companies regulated as public utilities, companies owning qualifying facilities, transmission facilities and an intrastate natural gas storage company. BIF III Holtwood is affiliated with the Safe Harbor Water Power Corp., an EWG that owns and operates the Safe Harbor Project, a 417.5 MW hydroelectric facility located within the AP South and 5004/5005 sub-markets of PJM Interconnection. BIF III Holtwood is also affiliated with approximately 148 MW of generation capacity in PJM that is not located in any recognized sub-market, and approximately 1,389 MW of capacity in first-tier markets to PJM.
BIF III Holtwood is controlled by its ultimate parent company, Brookfield Asset Management Inc. (BAM), an Ontario corporation with its principal place of business in Toronto, Ontario, Canada. BAM is a publicly traded global alternative asset manager focused on property, renewable power, infrastructure assets, and private equity.
Brookfield Renewable Energy Partners (TSX: BEP.UN) (NYSE: BEP) in October 2015 had announced an agreement to acquire this hydroelectric portfolio from Talen Energy for $860 million.