Madison Paper Industries to sell its hydro power facilities in North America to Eagle Creek Renewable Energy
4/18/2017 6:30 AM UTC
(UPM, Helsinki, 18 April 2017 at 8:30 EET) - Madison Paper Industries, a partnership of UPM and Northern SC Paper Corp., a subsidiary of The New York Times Company, has signed an agreement on the sale of its hydro power facilities to Eagle Creek Renewable Energy, LLC, a hydroelectric power producer, based in Morristown, NJ, USA.
The transaction is still subject to third party approvals. The parties have agreed not to disclose the purchase price.
"Eagle Creek is a well-known and experienced operator of hydroelectric power facilities in North America. The company focuses on CO2-friendly power production and has a long term focused business strategy in this sector. As an integral part of an energy company the hydro power facilities can be operated and developed in an optimal way," says Ruud van den Berg, Senior Vice President, Magazines, Merchants & Office, UPM Paper ENA.
"Eagle Creek is very pleased to broaden our footprint in central Maine. The Madison Paper Industries hydroelectric portfolio represents an excellent opportunity to build out our operations in the region through the acquisition of a well-maintained, high quality set of hydro facilities," says Bud Cherry, CEO of Eagle Creek Renewable Energy.
For further information please contact:
Ruud van den Berg, Senior Vice President, Magazines, Merchants & Office, UPM Paper ENA tel. +49 151 1215 8310
Bernard H. Cherry, CEO, Eagle Creek Renewable Energy, LLC, tel. +1 973 998 8400
UPM, Media Relations
Mon-Fri 9:00-16:00 EET
tel. +358 40 588 3284
About Eagle Creek
Eagle Creek Renewable Energy is an owner, operator and developer of hydroelectric power projects. Eagle Creek's projects provide clean energy to electricity consumers in North America while providing recreational opportunities and protecting historical resources and the environment. Eagle Creek was founded in 2010 to acquire, enhance, and operate small hydroelectric power facilities. Eagle Creek currently owns and operates a portfolio of approximately 180 MW of hydroelectric facilities across the United States.
About Madison Paper Industries
Madison Paper Industries is a partnership of UPM and Northern SC Paper Corp., a subsidiary of The New York Times Company.
About UPM Paper ENA
UPM Paper ENA (Europe and North America) is the world's leading producer of graphic papers, offering an extensive product range for advertising and publishing as well as home and office uses. The high performing papers and service concepts of UPM add value to our customers' businesses, while actively fulfilling demanding environmental and social responsibility criteria. With headquarters in Germany, UPM Paper ENA employs approximately 8,000 people. More about UPM Paper ENA and its products at www.upmpaper.com
Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Paper ENA and UPM Plywood. Our products are made of renewable raw materials and are recyclable. We serve our customers worldwide. The group employs around 19,300 people and its annual sales are approximately EUR 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM - The Biofore Company - www.upm.com
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