NewPage selling Rumford energy facility
Rumford Paper Co., a subsidiary of paper manufacturer NewPage Corp., is selling its cogeneration energy assets for $61 million.
The cogeneration facility will be owned by a subsidiary of Latham, N.Y.-based ReEnergy Holdings LLC, a company that specializes in renewable energy from integrated biomass waste fuel, according to a press release from Ohio-based NewPage. ReEnergy will operate the cogeneration facility to provide electricity and thermal energy to the Rumford paper mill, while the mill's pulp and papermaking process will supply ReEnergy with biomass fuel. "The transaction represents an opportunity for the Rumford mill to realize value from its green energy assets and to focus on its core business of making high-quality paper," NewPage president and CEO George Martin said in the release. Formed in 2008, ReEnergy Holdings owns a tire-to-energy facility in Connecticut and two waste-wood processing facilities that serve New England and the Boston metro area.
The deal is expected to close by the middle of this year.
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