Arconic Inc. announced its receipt of US$238 million from the sale of the 210-MW Yadkin hydroelectric project to Cube Hydro Carolinas by Alcoa Power Generating Inc., a subsidiary of Alcoa Corp., in a press release last week.
Arconic, which builds aerospace and automotive parts, split from Alcoa last year. Under an agreement reached as part of the separation, Alcoa Corp. was to remit to Arconic the net after-tax proceeds from the sale of Yadkin.
Arconic expects to receive an additional $5 million in the second quarter of 2017.
Alcoa had been embroiled in a years-long attempt by the state of North Carolina to take over the project after the state argued Alcoa closed its Badin, N.C., aluminum smelter that had been powered by Yadkin, moved the jobs overseas, and retained the four-plant hydro project to sell its electricity.
Yadkin encompasses the 108-MW Narrows, 38-MW Tuckertown, 33-MW High Rock and 31-MW Yadkin Falls plants situated along a 38-mile stretch of the Yadkin River through central North Carolina.
In October 2016, HydroWorld.com reported the state of North Carolina asked the Federal Energy Regulatory Commission to repeal a 40-year operating license awarded earlier in the year to Alcoa Inc. for the operation of four hydropower plants.
The sale agreement was originally announced in July 2016.
According to published reports, upon the separation of Alcoa Corp. from Arconic in November 2016, Alcoa Power Generating Inc., including Yadkin, became part of Alcoa Corp.