Veresen to sell hydroelectric plant in New York state for US$61 million

CALGARY – Veresen Inc. says it has lined up a buyer for its Glen Park hydroelectric plant in northern New York state.

The Calgary-based company didn’t identify the buyer in Monday’s announcement but said it will get US$61 million plus working capital when the deal closes, which is expected in the third quarter of this year.

The transaction requires approvals, including from the U.S. Federal Energy Regulatory Commission.

Veresen has a variety of energy infrastructure assets across North America, including pipelines, processing plants and a portfolio of investments in Canadian power generation assets.

It’s also working to advance the Jordan Cove liquefied natural gas export terminal in Coos Bay, Oregon.

The Glen Park hydroelectric plant is on the Black River near Watertown, N.Y.

It has 33 megawatts of capacity which is sold at prevailing market prices on a month-to-month basis.