Madison Paper Industries, a partnership of UPM and Northern SC Paper Corp., a subsidiary of The New York Times Company, has signed an agreement on the sale of its hydro power facilities to Eagle Creek Renewable Energy, LLC, a hydroelectric power producer, based in Morristown, NJ, USA. The transaction is still subject to third party approvals. The parties have agreed not to disclose the purchase price.
"Eagle Creek is a well-known and experienced operator of hydroelectric power facilities in North America. The company focuses on CO2-friendly power production and has a long term focused business strategy in this sector. As an integral part of an energy company the hydro power facilities can be operated and developed in an optimal way," says Ruud van den Berg, Senior Vice President, Magazines, Merchants & Office, UPM Paper ENA.
Eagle Creek Renewable Energy is an owner, operator and developer of hydroelectric power projects.
