Veresen Inc has agreed to sell its 33MW Glen Park hydropower facility in New York state for US$61 million to an unnamed buyer.
Glen Park is a contract operated facility and sells its output on a month-to-month basis at prevailing market prices.
"The sale of Glen Park reflects our continuing efforts to optimize our portfolio," commented Don Althoff, President and CEO of Veresen. "This divestiture provides additional flexibility beyond our expected DRIP proceeds to fund our contracted growth program."
The transaction is expected to close in the third quarter of 2016.
