Alcoa (NYSE:AA) announced today that it has finalized the sale of its 378-megawatt Tapoco Hydroelectric Project to Brookfield Renewable Energy Partners.
Tapoco is a four-station hydroelectric project located on the Little Tennessee and Cheoah Rivers in eastern Tennessee and western North Carolina. The transaction included the four generating stations and dams, 86 miles of transmission line, and about 14,500 acres of land associated with and surrounding Tapoco.
Alcoa received proceeds of approximately $600 million from the sale.
Tapoco was originally developed by Alcoa to provide power for its aluminum smelting and rolling mill operations in Alcoa, Tenn. The four dams – Calderwood, Santeetlah, Chilhowee and Cheoah – came into service between 1919 and 1957.
J.P. Morgan advised Alcoa on the transaction.
Source: Business Wire