Quebec
Caisse Acquires 25% Stake in U.K.’s First Hydro From Brookfield Asset Management
The Caisse de dépôt et placement du Québec (CDPQ) has agreed to to acquire a 25% stake in U.K.-based First Hydro Company from Brookfield Asset Management and its partners for an undisclosed price.
French energy firm Engie will retain a 75% majority stake in the company, which operates two power plants in Wales, providing over 2,000 megawatts of power capacity. First Hydro accounts for 76% of the U,.K.’s pumped hydro storage.
In a news release, Emmanuel Jaclot, Montreal-based CDPQ’s executive vice-president and head of infrastructure, emphasized First’s Hydro’s importance in supporting the British electrical system and its net-zero goals.
Engie and CDPQ are long-time partners.
Ignacio Gomez-Acebo, Toronto-based BAM’s managing director, said First Energy will continue to supply a considerable amount of U.K. power “long into the future.”
Photo: First Hydro
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