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Hydro-Québec to acquire Great River Hydro With 13 hydropower generating stations in New England
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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.
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Talos Energy Plans to Close the EnVen Acquisition Soon: Stockholders to vote on $1.1B Deal on February 8
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Talos Energy Inc. is closing its $1.1 billion purchase of private operator EnVen Energy. A special meeting for Talos’ stockholders to vote on the deal and other matters is set on February 8, according to a prospectus filed on January 11 with the Securities and Exchange Commission. Shareholders are being asked to approve the EnVen merger, which as the company considered in September would raise its Gulf of Mexico production up to 40%. According to a January 11 press release, Talos asserted that it anticipates closing the transaction soon after the meeting. Talos Energy Inc. supposes that adding EnVen would double its operated deepwater facility footprint, extending key infrastructure in existing Talos operating areas. More than 80% of the combined assets will be deepwater, with the company operating more than 75% of the acreage it holds interests in. Talos is one of the largest independent operators in the U.S. Gulf of Mexico, with production operations, prospects, leases, and seismic databases spanning the basin in both Deep Water and Shallow Water. The company aims to actively grow through a balanced focus on asset optimization, development, and exploration while also seeking to add to its portfolio through acquisitions and business development.
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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The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
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The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
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Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.