After selling assets of the Madison SC paper mill in Maine, USA, UPM and Northern SC Paper are now planning to sell the hydro power facilities at the site as well.
Madison Paper Industries, a partnership of UPM and Northern SC Paper Corporation, has signed an agreement on the sale of its hydro power facilities to US hydroelectric power producer Eagle Creek Renewable Energy. The value of the transaction, which is still subject to third party approvals, was not disclosed.
Eagle Creek focuses on CO2-friendly power production. The company currently owns and operates a portfolio of approximately 180 MW of hydroelectric facilities across the US.
UPM and Northern SC Paper had already announced the sale of assets related to the closed paper mill in Madison in January, which UPM considered a continuation of the dissolution of the partnership. Production operations at Madison paper mill, which had a capacity of 200,000 tpy of SC paper, had ceased in May 2016.