Abitibibowater To Sell Hydroelectric Plant Stake

摘要

AbitibiBowater Inc. reported that it has reached a non-binding agreement in principle to sell its stake in a hydroelectric power plant to Hydro-Quebec for 615 million Canadian dollars ($484.6 million). The company plans to sell its 60 percent interest in the facility, which is located on Canada's Manicouagan River and has the capacity to generate 335 megawatts of electricity. One megawatt of generation capacity can power 778 households each year, according to the U.S. Department of Energy. "This transaction is a key step in AbitibiBowater's overall plan to ensure greater liquidity and financial flexibility," said AbitibiBowater President and Chief Executive David J. Paterson in a statement. "Deleveraging the company's balance sheet is important to all AbitibiBowater stakeholders."