TransCanada Power is to buy the 60MW Curtis Palmer hydroelectric plant located near Corinth, New York, US from its parent TransCanada Corporation.
The sale was announced by TransCanada as part of a plan worth over US$402M, which is also to include the sale of the gas-fired ManChief power plant in Colorado.
Subject to approval by unit holders, post closing adjustments and regulatory approvals, the transactions are expected to be made around 5 May, and will net TransCanada some US$10M after tax.
The hydro plant comprises the 48MW Palmer facility and the older 10.8MW Curtis scheme, built on the Hudson river, some 65km north of Albany.
TransCanada took on the scheme when it acquired the Curtis Palmer Hydroelectric Company in 2001, and sells all the electricity generated to the Niagara Mohawk Power Corporation under a power purchase agreement due to last for another 23 years.
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