MONTRAL, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Hydro-Qubec and Evolugen, the Canadian operating business of Brookfield Renewable, today announced that they have entered into a 40-year escalating electricity purchase agreement under which Hydro-Qubec will purchase the output of the Livre hydro-electric portfolio in Qubec with 263 MW of capacity. The assets will continue to be operated by Evolugen.
Given the ongoing energy transition, it is expected that demand for clean, renewable base load electricity generation will increase sharply in the coming years. Hydro-Qubec is implementing several strategies to address this demand, in particular by contracting the capacity comprised of four generating stations located along Rivire du Livre in Outaouais. The facilities will contribute approximately 1.5 TWh annually, which is equivalent to the energy used by close to 90,000 homes.
The agreement involves integrating Evolugen’s Livre generating fleet, into Hydro-Qubec’s generation planning. It also includes priority access rights associated with the US market.
“With this strategic agreement, we are adding capacity and renewable energy to our supply in a context of increasing demand in both Qubec and neighboring markets. The opportunity to purchase output from reliable hydroelectric generating stations that are currently in operation and already connected was appealing for many reasons. This agreement is particularly useful for us during winter peaks,” noted Pierre Despars, Vice President – Corporate Strategy and Business Development at Hydro-Qubec.
“We are pleased to sign a strategic agreement with our long-standing partner, Hydro-Qubec, to contract our Livre assets for the next 40 years. This agreement offers a sustainable and Qubec-based solution to meet Hydro-Qubec’s growing renewable energy demand,” said Jose Guibord, CEO of Evolugen, the Canadian operating business of Brookfield Renewable. “Our team works hand-in-hand with customers to provide tailored clean energy solutions, like this one, that fit our customers’ objectives and reduce their exposure risk.”
Deliveries of output from the facilities began on December 31, 2021.
About Hydro-Qubec
Hydro-Qubec generates, transmits and distributes electricity. It is Canada’s largest electricity producer and one of the world’s largest hydroelectric power producers. Its sole shareholder is the Qubec government. As a leader in hydropower and large transmission systems, Hydro-Qubec exports clean, renewable power and commercializes its expertise and innovations on world markets.
About Evolugen
In Canada, Evolugen currently owns and operates 61 renewable power facilities, including 33 hydroelectric generating stations, 4 wind farms and 24 solar farms, for a total installed capacity of 1,912MW. As a leader in the renewable energy sector, Evolugen offers sustainable solutions focused on accelerating the transition toward Canada’s low-carbon future. Evolugen is owned by Brookfield Renewable Partners L.P.
About Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 21,000 megawatts of installed capacity and an approximately 56,000-megawatt development pipeline. Investors can access its portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at https://www.bep.brookfield.com and https://bep.brookfield.com/bepc. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately $650 billion of assets under management.
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