Integrys Energy Group Inc. (TEG) that WPS Power Development LLC, a wholly owned subsidiary of its nonregulated subsidiary, Integrys Energy Services Inc., signed an agreement with Algonquin Power & Utilities Corp. to sell two of its power generation companies that own generation assets in northern Maine and New Brunswick, Canada.
The sales represent approximately 75 megawatts of WPS Power Development's 329.2-MW fleet.
In addition, Integrys Energy Services is selling its associated sales and standard offer service contracts in northern Maine. Integrys Energy Services' standard offer service and retail electric sales contracts in southern Maine are not included in this sale.
Financial terms of the transactions are not being disclosed, but the value to be realized is in line with Integrys Energy Group's recovered capital expectations. Collateral support requirements for these businesses are minimal.
The transactions, which require certain customary contractual consents, are expected to close during the fourth quarter of 2009 or early 2010.
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