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.
FirstEnergy trades its shares on the New York Stock Exchange under the ticker symbol FE.