PPL Corporation sells hydroelectric business for $95m

2nd July 2009

PPL Corporation, a US electricity company, said its Maine subsidiary has signed an agreement to sell the majority of its hydroelectric generation business to Black Bear Hydro Partners, an affiliate of ArcLight Capital Partners for $95m.

The sale includes five hydroelectric generating facilities in Maine that produce a total of 23MW of electricity and a 13MW project that PPL has a 50 per cent ownership interest in and which the other half is already owned by a separate ArcLight affiliate.

‘As is the case with the pending sale of our Long Island generation business, these have been good assets for us in Maine but are not core to our concentrated generation positions in the PJM Interconnection and in the Northwest,’ said William Spence, PPL’s executive vice president and COO.

The sale is expected to close later this year, following receipt of necessary regulatory approvals and consents.

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