The shuttered Madison Paper Industries mill in Madison, Me., USA, a partnership of UPM (Finland) and Northern SC Paper Corp., a subsidiary of The New York Times Co. (New York, N.Y.), has signed an agreement for the sale of its hydro power facilities to Eagle Creek Renewable Energy, LLC, a hydroelectric power producer, based in Morristown, N.J.

The transaction is still subject to third party approvals. The parties have agreed not to disclose the purchase price.

 

 

"Eagle Creek is a well-known and experienced operator of hydroelectric power facilities in North America. The company focuses on CO2-friendly power production and has a long term focused business strategy in this sector. As an integral part of an energy company, the hydro power facilities can be operated and developed in an optimal way," said Ruud van den Berg, SVP, Magazines, Merchants & Office, UPM Paper ENA.

"Eagle Creek is very pleased to broaden our footprint in central Maine. The Madison Paper Industries hydroelectric portfolio represents an excellent opportunity to build out our operations in the region through the acquisition of a well-maintained, high quality set of hydro facilities," said Bud Cherry, CEO of Eagle Creek Renewable Energy.

Eagle Creek Renewable Energy is an owner, operator, and developer of hydroelectric power projects. Eagle Creek's projects provide clean energy to electricity consumers in North America while providing recreational opportunities and protecting historical resources and the environment. Eagle Creek was founded in 2010 to acquire, enhance, and operate small hydroelectric power facilities. It currently owns and operates a portfolio of approximately 180 MW of hydroelectric facilities across the U.S.

Madison Paper Industries is a partnership of UPM and Northern SC Paper Corp., a subsidiary of The New York Times Co. UPM Paper ENA (Europe and North America) is a global producer of graphic papers, offering an extensive product range for advertising and publishing as well as home and office uses. With headquarters in Germany, UPM Paper ENA employs approximately 8,000 people. 

Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Paper ENA and UPM Plywood. The group employs around 19,300 people and its annual sales are approximately EUR 10 billion.