Synex completes sale of Wolverine plants in Michigan

Synex International Inc. has closed the sale of four hydroelectric plants in Michigan with generating capacities totaling nearly 11 MW. While Synex did not identify the buyer, one source said the purchaser was William D. Boyce Trust.

Synex International, of Vancouver, B.C., said the sale price was $4.85 million, less transaction costs and taxes. It said the plants’ book value totaled about $2.25 million. Synex expected the final amount paid to it would total $3.85 million to $4 million.

Synex Wolverine LLC continues to operate the four projects, 3.3-MW Sanford (No. 2785), 4.8-MW Edenville (No. 10808), 1.2-MW Secord (No. 10809), and 1.2-MW Smallwood (No. 10810) on the Tittabawassee River near Midland. Licensee Synex Michigan LLC acquired the projects from Wolverine Power Corp. in a January 2003 foreclosure.

Synex International said it plans to use proceeds of the March 24 sale to advance Synex projects, including construction of the 2.8-MW Cypress Creek hydro plant and completion of the Kyuquot Grid Connection and Utility project, both in British Columbia, and for general corporate purposes.

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