Aluminum producer Alcoa, Inc. (AA: Quote) said it is selling its FERC-licensed, 351-megawatt Tapoco Hydroelectric Project to Brookfield Renewable Energy Partners. The sale, involving non-core assets, is expected to fetch Alcoa proceeds of $600 million, upon closing, subject to customary federal and state regulatory approvals.
The transaction, which is expected to close by year-end, will include the four generating stations and dams, 86 miles of transmission line, and about 14,500 acres of land associated with and surrounding Tapoco.
Tapoco is a four-station hydroelectric project located on the Little Tennessee and Cheoah Rivers in eastern Tennessee and western North Carolina, and is operated by Alcoa Power Generating Inc., a wholly owned subsidiary of Alcoa.
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by RTT Staff Writer
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