USGen New England to sell hydroelectric plants to TransCanada for $505 million

New York, Sept. 29 - USGen New England Inc. has agreed to sell hydroelectric generating plants with a capacity of 567 megawatts to TransCanada Corp. for $505 million in cash.

The assets include 13 dams with 41 hydroelectric generating units in two systems, the Connecticut River system in New Hampshire and Vermont and the Deerfield River system in Massachusetts and Vermont.

TransCanada will be the stalking horse bidder for the plants in a court-supervised auction and will receive a break-up fee if USGen receives a higher offer.

Bethesda, Md.-based USGen New England filed for Chapter 11 in July 2003. It is a subsidiary of National Energy & Gas Transmission Inc., but its bankruptcy case is being administered separately.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.