Although the company has not disclosed the names of the hydro projects to be hived off, it has appointed an adviser to aid it with the sale.
FirstEnergy CEO Anthony Alexander was quoted by Reuters saying that the sale would be completed by the latter half of the year.
Alexander added that the proceeds from the sale would be used to narrow down the debt value.
FirstEnergy holds stake in unregulated many hydro projects including 1,212MW in the 3,003MW Bath County in Virginia, 451MW Seneca pumped storage plant and 52MW Lake Lynn hydro plant in Pennsylvania.
The company holds nearly 60% of unregulated stake in Bath County plant, while remaining 40% is regulated stake. The plant is operated by Dominion Resources.
