Mitsui & Co has agreed a deal to sell its stake in First Hydro, the company which operates the Ffestiniog and Dinorwig pumped storage power stations in North Wales.
First Hydro is wholly owned by IPM Holdings (UK), a joint venture between Mitsui and ENGIE. Its power stations provide back-up capacity to the National Grid during periods of increased demand.
The system uses electricity to pump water from a lower reservoir to a higher reservoir. When required, the water is then released through a hydro-turbine to generate electricity to meet sudden spikes in consumer electricity demand.
Mitsui has now agreed to sell its 25 per cent stake in First Hydro to Brookfield Renewable Partners. It said the sale was part of a “strategic asset recycling of assets” to be undertaken over the next three years.
Brookfield Renewable is listed on the New York and Toronto stock exchanges and currently operates a portfolio of hydroelectric and wind facilities in North America, Latin America and Europe that total more than 10,000 megawatts of installed capacity.
The six units at Dinorwig can generate up to 288MW (megawatts) of electricity, with a combined station output of 1728MW, while Ffestiniog has four 90MW units for a combined generating capacity of 360MW.
First Hydro also runs the Electric Mountain visitors centre which provides tours of the Dinorwig power station.