Business, North America, Small Hydro

Eagle Creek buys four Maine small hydro plants from Verso

Eagle Creek Renewable Energy has purchased Verso Androscoggin Power LLC, which owns four small hydro plants, from Verso Corp.

The $62 million purchase price bought Eagle Creek four facilities associated with Verso’s Androscoggin pulp and paper mill in Jay, Maine.

The four facilities purchased are 3.1-MW Jay, 8.8-MW Livermore, 10.4-MW Otis and 7.8-MW Riley. These are run-of-river facilities on the Androscoggin River.

The sale is part of Verso’s efforts to raise funds to address its previously disclosed cash flow and liquidity concerns, according to a press release.

The mill purchased electricity from Verso Androscoggin Power before the transaction and will continue to do so with Eagle Creek as the owner, Verso says.