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Alcoa to sell hydroelectric project for $600M
Friday - 6/29/2012, 11:10am EDT
NEW YORK (AP) - Alcoa is selling its 351-megawatt Tapoco hydroelectric project to power provider Brookfield Renewable Energy Partners for about $600 million.
Tapoco is a four-station hydroelectric project located on the Little Tennessee and Cheoah rivers in eastern Tennessee and western North Carolina. It's operated by an Alcoa subsidiary.
The aluminum producer, which lists its headquarters in New York but maintains operations in Pittsburgh, says the deal includes the four generating stations and dams, 86 miles of transmission line and about 14,500 acres of land.
The deal, which is subject to regulatory approvals, is Alcoa reaches deal to sell hydroelectric project for about $600M expected to close by the end of the year.
Tapoco was originally developed by Alcoa to provide power for its aluminum smelting and rolling mill operations in Alcoa, Tenn.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)