CDPQ announced it has entered into an agreement with Brookfield Asset Management (BAM) and its institutional partners, including its listed affiliate Brookfield Renewable (BEP), to acquire its 25% stake in First Hydro Company, an electricity generation and storage facility in the United Kingdom. Engie is the majority shareholder who owns the remaining 75% of the company. 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 MW, representing 76% of the total pumped hydro storage in the United Kingdom. Financial close is expected by end of 2024, subject to customary closing conditions and relevant consents and approval.
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