CDPQ, an investment firm, announced on Tuesday a new agreement with Brookfield Asset Management (BAM) and its institutional partners to acquire Brookfield's 25 percent stake in First Hydro Company.
First Hydro operates significant electricity generation and storage facilities in the UK, with Engie holding the remaining 75 percent stake.
While the financial terms of the transaction are undisclosed, the deal is expected to close by the end of 2024.
First Hydro oversees the operation of two power plants located at Dinorwig and Ffestiniog in Wales, delivering over 2,000 MW of power, which constitutes 76 percent of the total pumped hydro storage capacity in the UK.
