The four individual generating stations Santeetlah, Cheoah, Calderwood and Chilhowee, form the Tapoco portfolio, are located on the Little Tennessee and Cheoah Rivers in eastern Tennessee and western North Carolina.
Brookfield Renewable will own a 25% stake in the hydroelectric generating stations while an institutional fund managed by Brookfield Asset Management will finance the remaining equity interest.
Brookfield Renewable president and CEO, Richard Legault, said the Tapoco facilities are proven generation assets, attractively situated in its core markets.
"The southern United States has favourable supply-demand dynamics with one of the highest areas of load growth in the US, and over the long-term should benefit from planned coal retirements and scarcity value by delivering clean, sustainable, and on-peak renewable power," said Legault.
All output from the Tapoco portfolio is contracted to Tennessee Valley Authority till June 2014.
