Hydropower

Seven New York Hydroelectric Plants Sold

July 11, 2003 [SolarAccess.com]Black Hills Corporation entered into a definitive agreement to sell its ownership interests in seven hydroelectric power plants in upstate New York. The aggregate cash purchase price of approximately US$186 million will be used in part to pay debt of approximately US$82 million associated with the power projects. The hydro facilities have a combined nameplate capacity of approximately 80 MW. The purchasers are affiliates of Boralex, Inc., a Canadian corporation, and Boralex Power Income Fund, an unincorporated Canadian trust of which Boralex owns an interest.