Toronto, Canada [HydroWorld.com] Algonquin Power & Utilities Corp. has agreed to buy three hydroelectric generating stations in New Brunswick and Maine from Integrys Energy Services Inc.
The purchase price was not disclosed due to confidentiality provisions. The deal, which is expected to close in 60 days, involves 36.8 MW of hydropower capacity, five thermal generating stations, and related transmission lines, Algonquin Power said.
“The addition of these assets is expected to deliver growth of more than 10 percent in our renewable energy business, reinforcing Algonquin’s strategic focus on the renewable energy sector,” said Ian Robertson, a senior officer for Algonquin.
The hydroelectric plants serve markets in Northern Maine, New Brunswick, and New England, the company said. Each plant is operating under firm sale contracts that run through February 2011. (From HydroWorld.com)