The town of Rockingham in Vermont, US, has reached a financial agreement with the nearby village of Bellows Falls in the town’s bid to buy the 49MW Bellows Falls hydroelectric dam.
The agreement was signed by the Bellows Falls Board of Trustees and by the Rockingham Select Board on Thursday and Friday respectively, according to TimesAngus.com.
The proposed deal involves Canadian electrical companies Brascan and Emera paying US$72M in cash to buy the dam and then run it for 74 years, paying Rockingham approximately US$3M annually for the first 14 years in place of taxes. Roughly half that payment would go directly to the state of Vermont.
The village of Bellows Falls would receive US$651,000 annually for 10 years under the agreement. After 14 years, Rockingham would receive a portion of the dam’s profits, and then when the contract expired after 74 years the town would retain control of the dam and its profits.
The purchase is still subject to a third vote, currently scheduled for mid-July.