Brookfield Renewable Energy Partners acquired 351MW Tapoco hydroelectric project in the US that was previously owned by Aluminium producer Alcoa for a cost of US$600M.
The four-station hydroelectric project located on the Little Tennessee and Cheoah Rivers in eastern Tennessee and western North Carolina was previously operated by Alcoa Power Generating Inc, a wholly owned subsidiary of Alcoa.
The transaction, which involves non-core assets saw four generating stations and dams, 86 miles of transmission line, and about 14,500 acres of land associated with and surrounding Tapoco exchange hands.
The transaction is expected to be complete by year-end, subject to customary federal and state regulatory approvals.
Tapoco is licensed by the Federal Energy Regulatory Commission (FERC). It was originally developed by Alcoa to provide power for its aluminum smelting and rolling mill operations in Alcoa, Tennessee. The four dams – Calderwood, Santeetlah, Chilhowee and Cheoah – came into service between 1919 and 1957.