​HYDRO: Financial advisor emerges for Brookfield UK pumped storage disposal

Brookfield Renewable Partners has retained a financial advisor to support the sale of its 25% stake in UK-based pumped storage operator First Hydro.

Energy Rev reported earlier this week that the Canada-based investor had begun sounding out investors over the sale of its interest in the platform, and Barclays Capital has now emerged as the advisor supporting on the process.

The First Hydro platform owns and operates a pair of storage facilities in Wales: the 1.728 GW Dinorwig and the 360 MW Ffestinog hydro power stations.

Brookfield Renewable Partners, a subsidiary of Brookfield Asset Management, acquired its 25% stake in 2017 from former minority shareholder Mitsui in a USD 44.7m deal, while French power group Engie retains a 75% stake. The two parties have in recent years ploughed in GBP 250m in capex to refurbish and update the 2 GW portfolio, it is understood. As such, the 25% stake in the portfolio is now expected to command a price tag in the region of GBP 300m.

Brookfield is projected to launch a first round of bidding for the stake in early Q2.

Brookfield did not respond to a request for comment.

*This story was originally published exclusively for Energy Rev (NPM Europe) subscribers.

Energy Rev (NPM Europe) is a leading proprietary news service focused on European renewable energy market Development, Financing & M&A opportunities. The company was recently acquired by New Project Media (NPM).