N. Maine energy facilities sold
A Chicago-based energy firm is selling its energy assets in northern Maine to a Toronto power and utilities company.
Integrys Energy Services Inc., a subsidiary of Integrys Energy Group Inc., yesterday announced it would sell two of its power generation companies that own assets in northern Maine and New Brunswick to Algonquin Power & Utilities Corp., according to a press release. The sale includes three hydroelectric stations and five thermal generation stations, which in total make up approximately 75 megawatts of the portfolio of Integrys' subsidiary WPS Power Development LLC, which owns the power companies. Integrys owns Caribou Diesel, Caribou Hydro and Caribou Steam, as well as Flo's Inn Diesel in Presque Isle and the Squa Pan Hydro Station in Ashland, according to the company's website.
Integrys is also selling its associated sales and standard office contracts in northern Maine. Integrys is the standard offer supplier for the Eastern Maine Electric Cooperative service territory, the Houlton Water Co. and Van Buren Light and Power, and serves 80% of mid-size business customers in northern Maine, according to the company's website. Integrys' standard offer services and retail electric sales contracts in southern Maine are not included in the sale.
The purchase price was not disclosed, but Algonquin will finance the purchase in part with $20 million of new equity, according to the release. The transactions are expected to close during the fourth quarter of 2009 or early 2010.
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