Ares Management, L.P. announced today that a fund managed by the Ares-EIF Group and Northbrook Energy, LLC have recently sold two run-of-the-river hydroelectric power facilities on the Allegheny River in Pennsylvania to the Public Sector Pension Investment Board (PSP Investments). Terms of the transaction were not announced.

The two projects, Allegheny Lock & Dam 8 and Allegheny Lock & Dam 9, comprise 31.5 MW of nameplate baseload capacity located on the Allegheny River in Armstrong and Indiana Counties, PA. The facilities are within the PJM Interconnection power market footprint and are interconnected with the New York Independent System Operator power market.

The capacity and energy generated by the projects have been sold to New York State Electric & Gas Corporation under long-term power purchase agreements that extend through 2030. In addition, the projects sell Renewable Energy Credits in Maryland.

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Ares-EIF   M&A  

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