PPL Announces Sale of Hydroelectric Assets to Penobscot River Restoration Trust

PPL has proclaimed the sale of three hydroelectric units in Maine to the River Restoration Trust in Penobscot for about $24 million.

In 2004 an agreement was reached between a coalition of environmental groups and PPL for restoring the Atlantic salmon and other migratory fish to the Penobscot River in Maine by either removing or bypassing the three hydroelectric units and this sale completes the agreement.

Other than the sale money from the trust, PPL would also receive funds from Black Bear Hydro Partners, an affiliate of ArcLight Capital Partners, an amount of $14 million as contingent consideration. This added amount is for the expansion of other hydroelectric facilities in Maine that PPL had sold to Black Bear in the year 2009.

PPL is looking forward to documenting a special profit in its fourth quarter for 2010 after taxation. However the company is not altering its present forecast of revenue for 2010. PPL has its headquarters in Allentown and is the owner of 19000 MW of energy in the US. It also trades energy in major US markets and supplies natural gas and electricity to 5.2 million clients in the US and UK. PPL or Pennsylvania Power & Light was established in 1920 and has 11 companies in its group now.