NEW YORK–(BUSINESS WIRE)–Alcoa (NYSE:AA) announced today that it has finalized the sale of its 378-megawatt Tapoco Hydroelectric Project to Brookfield Renewable Energy Partners.
Tapoco is a four-station hydroelectric project located on the Little Tennessee and Cheoah Rivers in eastern Tennessee and western North Carolina. The transaction included the four generating stations and dams, 86 miles of transmission line, and about 14,500 acres of land associated with and surrounding Tapoco.
Alcoa received proceeds of approximately $600 million from the sale.
Tapoco was originally developed by Alcoa to provide power for its aluminum smelting and rolling mill operations in Alcoa, Tenn. The four dams – Calderwood, Santeetlah, Chilhowee and Cheoah – came into service between 1919 and 1957.
J.P. Morgan advised Alcoa on the transaction.
Alcoa is the world’s leading producer of primary aluminum, fabricated aluminum and alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 120 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa® wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa’s operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for 11 consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 61,000 people in 31 countries across the world. More information can be found at www.alcoa.com.
Kelly Pasterick, 212-836-2674
Libby Archell, 212-836-2719