PPL to sell Maine hydroelectric assets to ArcLight

01 July 2009 -- PPL Corp said its PPL Maine subsidiary has signed a definitive agreement to sell the majority of PPL Maine's hydroelectric generation business to Black Bear Hydro Partners, LLC, a unit of ArcLight Capital Partners, LLC, for around $95 million, subject to approvals under state and federal regulations.

The sale involves five hydroelectric generating facilities in Maine that produce a total of 23 MW of electricity and are 100 percent owned by PPL; and PPL's 50 percent ownership interest in a separate 13 MW hydroelectric project, of which the other 50 percent is already owned by another ArcLight affiliate.

The five PPL-owned facilities involved in the agreement are: The Ellsworth, Medway, Milford, Orono and Stillwater hydroelectric plants.

ArcLight also will acquire from PPL the 50 percent interest in the West Enfield project that it doesn't own.

The sale is expected to close later this year.

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