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Hydro-Québec-to-acquire-Great-River-Hydro-With-13-hydropower-generating-stations-in-New-England

Vermont Business Magazine HQI US Holding LLC, a wholly-owned subsidiary of Hydro-Québec, concluded the agreement to purchase Great River Hydro, LLC, which possesses 13 hydropower generating stations with a total capacity of 589 megawatts along New England's Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts.

The affiliates of ArcLight Capital Partners, LLC is selling Great River Hydro for a price of roughly US $2 billion. The facilities are situated along the Connecticut and Deerfield rivers. Hydro-Québec is the largest single supplier of electricity to Vermont, comparing to the closed Vermont Yankee nuclear power station in Vernon which produces 620 megawatts.

Additionally, Hydro-Québec is buying the greates hydropower fleet in New England, where ambitious decarbonization and electrification aims have been set out and where the amount of electricity provided from variable renewable energy sources are poised to soar. 

H-Q informed that hydropower is the solely renewable energy capable of balancing the intermittency of the wind and solar resources that are organized for the coming years.

Hydro-Québec has a long-term energy partnership with New England, as it has been exporting the hydropower to the region since the 1980s. This purchase represents a unique opportunity to connect the know-how in managing and leveraging hydro facilities with Great River Hydro's thorough understanding of the New England market. By combining these strengths, the company holds up the development of new renewable energy projects, in a market where such resources are wanted.

Together with management, ArcLight successfully conveyed Great River Hydro from a high-quality portfolio of assets to a standalone platform positioned for further expansion. ArcLight is confident that Hydro-Québec will be an excellent steward to Great River Hydro's stakeholders in the next chapter of its corporate life.

Great River Hydro has about 100 skilled employees. Given that Hydro-Québec wants it to remain a distinct entity, all jobs and working conditions will be kept.

The deal of Great River Hydro will also enable Hydro-Québec to expand its revenue streams in its main export market. The deal will make additional income for Hydro-Québec as of the first year.

Consummation of the transaction remains subject to customary closing conditions, including applicable regulatory approvals.

Great River Hydro has A 589-MW hydropower fleet, 13 cascading generating stations and 3 storage-only reservoirs along some 310 miles (500 km) of the Connecticut and Deerfield rivers. Moreover, its annually supply has enough energy to power over 213,000 homes in New England. One fifth of the energy generated is subject to long-term supply contracts, guaranteeing revenue stability. Land holdings of almost 30,000 acres (12,140 hectares), allowing for the possibility of various renewable energy projects.

Hydro-Québec generates, transmits and distributes electricity. It is Canada's largest electricity producer and ranks among the world's largest hydropower producers. Its sole shareholder is the Québec government. 

If you are interested in finding out more about energy companies, their assets, and related deals, please, contact our Houston sales office or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.

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Momentum Midstream Becomes a Leader in Haynesville Due to Latest Acquisitions

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Houston-based company Momentum Midstream LLC on September 22 purchased Midcoast Energy LLC’s East Texas business from an affiliate of Arc Light Capital Partners LLC and Align Midstream LLC from Tailwater Capital and claimed that it establishes a leading presence in the Haynesville Shale. New Generation Gas Gathering or NG3 project will collect natural gas produced in the Haynesville Shale for re-delivery to premium Gulf Coast markets, including LNG export. Moreover, the NG3 project includes a carbon capture and sequestration component that will eliminate 100% of the CO₂ and accumulate it underground for a long time, creating a net negative carbon footprint. With the combined assets of Midcoast ETX and Align Midstream, Momentum is currently delivering volumes of more than 2 Bcf/d for a diverse customer base composed of producers, utilities, end-users, and LNG exporters. Momentum’s footprint in the Haynesville includes about 3,000 miles of gathering pipelines, 1.5 Bcf/d of treating capacity, 700 MMcf/d of processing capacity, 200,000 HP of compression, and 820 miles of pipelines transporting gas to the Gulf Coast markets in southeast Texas and the Carthage and Bethel markets in East Texas.

Continental Resources Becomes Private, Harold Hamm Purchases it for $4.3 Billion

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Continental ResourcesInc. agreed to be purchased by its founder, Harold G. Hamm, in a $4.3 billion cash deal that would take the U.S. shale giant private. On October 17 Continental, based in Oklahoma City, concluded an agreement to be acquired by Omega AcquisitionInc., an entity owned by Hamm, for $74.28 per share. The offer price denotes a 15% premium to the closing price on June 13 — the day before Hamm’s family revealed their initial $70 per share proposal. Even with the proposed incremental leverage from the buyout, CLR would be almost 0.6x leveraged in 2023, and expected FCF, even before assuming reduced costs from going private (else dividend), would have the term loan repaid in about 1.5 years. As a private company, Continental should have greater freedom to operate, particularly in areas such as exploration. Being a chairman of Continental Resources, Hamm and his family own 83% of the company’s stock. Based on the shares outstanding as of October 12, the tender offer would be for almost 58 million shares of common stock, according to the Continental release. The tender offer values Continental at roughly $27 billion. The offer price is slightly under Siebert Williams Shank & Co. LLC’s $75 price target and compares to the consensus price target of $72.86 on FactSet and $71.73 on Bloomberg.

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Northern Oil and Gas Inc. (NOG) made a $330 million purchase in the Permian Basin, according to the release on October 19. NOG revealed an agreement to purchase a 36.7% working interest in the Mascot Project from Midland-Petro D.C. Partners LLC (MDPC). The acquisition will be funded with cash on hand, operating free cash flow, and borrowings. The Mascot Project is operated by Permian Deep Rock Oil Co., an affiliate of MPDC, which is a David H. Arrington-owned business based in Midland, Texas. NOG anticipates that the production from the acquired properties to average almost 4,400 boe/d in the first quarter of 2023 and 6,450 boe/d for the full-year 2023 (2-stream, about 80% oil).

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On November 2, Cardinal Midstream Partners, an independent Dallas-based midstream energy company, concluded definitive agreements with Medallion Midstream Services to purchase Medallion’s natural gas gathering and processing business in the Delaware Basin in West Texas. The transaction is subject to customary closing conditions and is expected to close in early 2023.

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On October 19, Shell USA completed the almost $1.96 billion acquisition of the master limited partnership. The company paid $15.85 in cash for every common unit representing limited partner interests in SHLX not held by Shell USA or its affiliates. A subsidiary of Shell USA has 269,457,304 SHLX common units or roughly 68.5% of SHLX common units.

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