NewPage's Consolidated Water to Sell Hydroelectric Projects
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Great Lakes Utilities (GLU) and Consolidated Water Power Co., a subsidiary of NewPage Corp., Miamisburg, Ohio, USA, this past week signed an asset sale agreement to sell five CWPCo hydroelectric projects located along the Wisconsin River in DuBay, Stevens Point, Whiting, Biron, and Wisconsin Rapids, Wis., to GLU. The five hydroelectric projects have a combined installed capacity of 35.2 MW and the agreed upon price is $70 million.
The proposed acquisition will enable GLU to generate low cost, renewable power and help meet the needs of its members' renewable portfolio standards. While GLU assessed different options for generating renewable power, including wind and biomass projects, the acquisition of CWPCo's hydroelectric projects provides the best option for participating members.
The assets included in the proposed acquisition currently provide power to four central Wisconsin NewPage mills. However, the decision to sell these assets is expected to have little impact on these operations, as less than 10% of the mills' combined required electricity demand is currently supplied by the CWPCo hydroelectric projects.
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