Verso sells Jay hydroelectric generators for $62M
Developments at Verso Corp. — with more than a year of shutdowns, layoffs and a precipitous stock drop in September, resulting in suspension of trading by the New York Stock Exchange — continue with the sale of its four hydroelectric generators in Jay.
The Memphis, Tenn.-based company has cited a declining demand in North American coated paper and high energy and operating costs in Maine as among the factors that affect the company.
The Bangor Daily News reported Verso’s subsidiary, Verso Androscoggin Power LLC, was sold to Morristown, N.J.-based energy investor Eagle Creek Renewable Energy LLC for $62 million in cash, as part of the papermaker’s plan to restructure and improve cash flow.
According to its website, Eagle Creek Renewable Energy, founded in 2010, is an owner, operator and developer of hydroelectric power projects, with more than 40 hydroelectric facilities in the northeast and Midwest.
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Verso to lay off 300 at Jay mill
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