Domtar Corporation has confirmed the November 20 closing of its previously announced Definitive Purchase and Sale Agreement ("the agreement") signed by its Canadian subsidiary, Domtar Inc., for the sale of its hydro assets inOttawa, Ontario and Gatineau, Québec. The purchaser is Chaudière Hydro L.P. ("Chaudière Hydro"), the newly-created affiliate of Energy Ottawa Inc.
The approximately $46 million transaction, after closing adjustments, includes Domtar's three power stations (21 MW of installed capacity), Domtar's water rights in the area, as well as the company's equity stake in the Chaudière Water Power Inc. (CWPI) ring dam consortium. With the closing of the agreement, the 12 workers currently operating the three power stations become employees of Chaudière Hydro.
SOURCE DOMTAR CORPORATION