Global Processing

AbitibiBowater to sell hydroelectric plant stake

March 16, 2009
The Associated Press reports that Canada-based pulp and paper maker AbitibiBowater Inc. has reached a nonbinding agreement in principle to sell its stake in a hydroelectric power plant to Hydro-Quebec for 615 million Canadian dollars ($484.6 million US). 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.