Ontario Power Generation finalises acquisition of Eagle Creek Renewable Energy. Credit: CNW Group / Ontario Power Generation Inc.

Ontario Power Generation (OPG) has finalised the C$298m ($224m) deal to acquire US-based operator of small hydropower facilities, Eagle Creek Renewable Energy.

The purchase price is subject to customary working capital and other adjustments on closing.

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Headquartered in Morristown, New Jersey, Eagle Creek operates 63 small hydropower facilities with 216MW of in-service capacity.

The hydropower plants are located in 13 states in the US, mostly in New England, New York, and mid-west regions.

OPG Renewable Generation president Mike Martelli said: “As Ontario’s largest electricity generator, we have been stewards of hydropower assets for more than a century and we are proud to continue that legacy with this acquisition. We look forward to a path of continued growth and success with Eagle Creek.”

“Upon completion of the deal, Eagle Creek will continue to operate independently as a wholly owned subsidiary of OPG.”

The acquisition will be funded through OPG’s corporate public debt programme or other available credit facilities.

OPG claimed that the deal will not impact electricity consumers in Ontario, and its operations there will continue to function as a separate business entity.

Upon completion of the deal, Eagle Creek will continue to operate independently as a wholly owned subsidiary of OPG. It will have its own board of directors and management team.

Last week, OPG divested its RL Hearn Generating Station site located on Unwin Avenue in the Portlands area of Toronto to Studios of America, which is a long-term tenant and property manager of the location.

The RL Hearn Generating Station produced electricity from 1951 to 1983. At one point, it provided 10% of the power required in Ontario.