05:55 AM EDT, 09/24/2024 (MT Newswires) -- CDPQ, a global investment group, earlier Tuesday entered into an agreement with Brookfield Asset Management ( BAM ) and its institutional partners, including its listed affiliate Brookfield Renewable , to acquire its 25% stake in First Hydro Company, a critical electricity generation and storage facility in the United Kingdom.

A statement noted Engie is the majority shareholder who owns the remaining 75% of the company. It also noted financial close is expected by end of 2024, subject to customary closing conditions and relevant consents and approval.

According to Tuesday's statement, First Hydro -- which is responsible for the management and operation of two power plants at Dinorwig and Ffestiniog in the Snowdonia region of Wales -- offers a capacity of more than 2,000 MW, representing 76% of the total pumped hydro storage in the United Kingdom, "making it a critical infrastructure to face the country's increasing needs of grid flexibility and stability."

This all comes just a day after BAM announced an initial closing of $US2.4 billion for the Catalytic Transition Fund, "marking a significant milestone towards the target of raising up to $5 billion for deployment towards clean energy and transition assets in emerging markets."