FirstEnergy completes $395M sale of 11 hydroelectric facilities
Ohio-based FirstEnergy Corp., the parent company of power utility Metropolitan Edison Co., has completed its sale of 11 hydroelectric power stations to Harbor Hydro Holdings LLC.
Harbor is a subsidiary of LS Power Equity Partners II LP, part of New York City-based LS Power Group.
The facilities, which are in western Pennsylvania, Virginia and West Virginia, were sold for $395 million, according to FirstEnergy. They have a total capacity of 527 megawatts, or less than 3 percent of FirstEnergy’s generation fleet output.
The deal was first announced in September. FirstEnergy said it was part of a strategy to divest noncore generation capacity. Its core generation would be coal and nuclear facilities.
The new owner is retaining the 35 current employees at these power stations.