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.