13 October 2006 — WPS Resources Corp. announced that its nonregulated subsidiary, WPS Energy Services, Inc., has agreed to sell WPS Niagara Generation, LLC to a subsidiary of US Renewables Group, LLC for $30.2 million.
WPS Niagara Generation owns the 53-MW Niagara Falls generation facility located in the Niagara Mohawk Frontier region in Niagara Falls, New York.
Mark Radtke, President of WPS Energy Services, Inc. said, “Our operations and engineering team has done a great job improving the capability and economics of the plant. Nevertheless, when US Renewables Group and its partners approached us, we evaluated the facility consistent with our asset management strategy and determined that the sale would benefit our shareholders more than retaining the facility. US Renewables Group manages a portfolio of renewable power and clean fuel assets. They plan to upgrade the facility to burn more biomass fuel in order to generate renewable energy, so this sale should be perceived positively by the Niagara Falls community.”