The Nature Conservancy and Brookfield Reach Deal for Four Lower Kennebec River Dams

BRUNSWICK, MAINE – On September 15, 2025, The Nature Conservancy (TNC) and Brookfield signed a purchase and sale agreement for the four dams on the lower Kennebec River in Maine. These include the Lockwood, Hydro-Kennebec, Shawmut, and Weston dams.

This agreement is the result of a multi-year discussion between TNC and Brookfield. As the buyer, TNC and its partners seek to return free-flowing conditions to the lower Kennebec River through a mix of dam decommissioning, removal, and other efforts, partnering with communities to ensure the region benefits both economically and ecologically from the restoration process. Simultaneously, Brookfield plans to continue owning, operating, and investing in the state to produce low-carbon energy for years to come.

Any decommissioning process will take multiple years. During that time, Brookfield has agreed to continue to maintain high-quality operations at each of the four facilities under long term operating agreements, and municipalities will continue to receive property tax payments. TNC has initiated discussions with riverside municipalities and intends to work closely with towns to manage the impacts of this process, and to leverage the economic, cultural, and health benefits it will bring to communities.

TNC and its partners are 100% committed to developing a solution with Sappi that fully addresses the Somerset Mill’s long-term water system needs. We understand the vital role of the Somerset Mill for the forest products industry and the state’s economy. We believe it will be possible to protect the mill’s future AND achieve river restoration goals on the lower Kennebec.

A new non-profit organization—the Kennebec River Restoration Trust—is currently being formed to take ownership of the dams, oversee operations of the hydroelectric facilities, and manage the multi-year restoration process in close collaboration with local communities. Additional information about this new organization, its leadership, staffing, and advisory groups will be shared in the coming months. For now, information about this effort is available at nature.org/kennebec.

“The vision of The Nature Conservancy and our partners is for a free-flowing river on the lower Kennebec, accomplished in a way that both restores the river’s ecological health and strengthens the region’s economic vitality,” said Kate Dempsey, State Director of The Nature Conservancy in Maine. “Achieving these twin goals will take time and thoughtful collaboration with local communities. We’re grateful to Brookfield for working with us to find a mutually beneficial solution to restoring balance to the Kennebec River, and to all the partners who have come together to make this once-in-a-generation opportunity possible.”

“We are delighted to partner with TNC and look forward to collaborating with them and other stakeholders over the coming years,” said Stephen Gallagher, CEO of Brookfield Renewable N.A. “As this process advances, Brookfield remains committed to ensuring that Maine homes and businesses continue to benefit from reliable and clean hydropower on the Kennebec River and throughout the State. Hydropower is critical to Maine’s energy system and to achieving Maine’s clean energy goals, and we are proud to continue as a significant partner in meeting these needs.”

“Skowhegan’s position as a leading destination for outdoor recreation has never been stronger, and this news can enhance that, while also improving community access to the Kennebec River,” said Kristina Cannon, President and CEO of Main Street Skowhegan. “Importantly, the River Park will not be harmed by these changes—in fact, removing the Weston dam through a thoughtful community process could create an even greater opportunity to design world-class whitewater features by focusing on sections of the river with the most natural drop and velocity. I am also committed to working alongside all partners to ensure that the Somerset Mill remains strong, because our vision is for both a thriving mill and a thriving recreation economy to support Skowhegan’s future.”

“The Kennebec River is a key contributor to Maine’s renewable energy and climate goals,” said Eliza Donoghue, executive director of the Maine Renewable Energy Association. “Brookfield’s ongoing commitment to owning, operating, and investing in its hydropower facilities farther upstream ensures the Kennebec will continue producing critical renewable energy for Maine and the region for years to come, while balancing the needs of people and nature on the lower river through the involvement of The Nature Conservancy and its partners.”

“The Atlantic Salmon Federation applauds TNC and Brookfield on this landmark agreement,” said John Burrows, Vice President of Operations for the Atlantic Salmon Federation. “Fully restoring and reconnecting the Sandy River with the Gulf of Maine is essential to ensure that healthy wild Atlantic salmon populations will thrive in this river for generations to come. The benefits of the continued restoration of the Kennebec River span beyond salmon and will also result in tremendous, long-lasting economic, social, and ecological benefits for the people and communities of the Kennebec Valley and beyond.”

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DNB Carnegie is acting as financial advisor and Preti, Flaherty, Beliveau & Pachios, Chartered, LLP is acting as legal advisor to Brookfield.

Long Life Capital Inc. is acting as strategic advisor and Orrick, Herrington & Sutcliffe LLP and Foley Hoag LLP are acting as legal advisors to TNC.

The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Our Canadian affiliate is Nature United. Guided by science, our organization creates innovative, on-the-ground solutions to our world’s toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more resilient. The Nature Conservancy is working to make a lasting difference around the world in 81 countries and territories (40 by direct conservation impact and 41 through partners) through a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit nature.org or follow @nature_press on X.

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, renewable power and transition, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.