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Alcoa Finalizes Sale of Tapoco Hydroelectric Project to Brookfield Renewable Energy Partners
NEW YORK--Alcoa (NYSE:AA) announced today that it has finalized the sale of its
378-megawatt Tapoco Hydroelectric Project to Brookfield Renewable Energy
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.