Sappi North America, Inc., a leading producer and supplier of diversified paper, packaging products and pulp, today announced that it will sell its hydroelectric assets on the Presumpscot River in Maine to Dichotomy Power LLC, pending satisfactory completion of regulatory and other approvals. The move is designed to allow Sappi to focus on its core competencies and is consistent with Sappi’s recent restructuring of the Westbrook site.
“We are happy to have found a strategic buyer in Dichotomy Power, a company with a wealth of expertise in this area, so that Sappi can continue to focus on its core competencies,” said Mike Haws, President and CEO, Sappi North America. “Today’s announcement allows us to redeploy resources to further develop our growing businesses.”
“Dichotomy Power is pleased to have reached an agreement with Sappi North America, Inc. to acquire their Presumpscot River hydroelectric facilities,” said Ian Clark, CEO of Dichotomy Power LLC. “We are proud to carry on a history of successful traditions that started in 1878 with mechanical waterpower. Dichotomy looks forward to investing in the facilities to increase renewable energy production while honoring the commitments made to the agencies, communities, regulators and stakeholders who helped craft the new licenses.”
The deal is expected to close by the end of calendar year subject to regulatory and other approvals.