FERC okays sale of Maine power units by Verso to AIM Development

The Federal Energy Regulatory Commission on Jan. 15 approved a power plant sale application from Dec. 8 filed by Verso Bucksport LLC and Verso Bucksport Power LLC.

They requested commission authorization for the sale of 100% of the equity interests in them by Verso Paper LLC and Verso Maine Power Holding LLC to AIM Development (USA) LLC.

Verso Bucksport owns and operates three units totaling 118.4 MW located in Maine, within the ISO New England Balancing Authority Area. Verso Bucksport also owns, as a tenant-in-common with Verso Bucksport Power, an undivided 28% interest (51.8 MW) in a 185 MW cogeneration facility, while Verso Bucksport Power owns the remaining 72% undivided interest (133.2 MW). All four of these generation units are located at the Bucksport Mill, a paper mill located in Bucksport, Maine, and are Qualifying Facilities.

The power produced by three of the four generation units at Bucksport Mill is either consumed at Bucksport Mill or sold, pursuant to the market-based rate authorizations of Verso Bucksport and Verso Bucksport Power, into the ISO-NE market. The power produced by the fourth generation unit is also sold in the ISO-NE market, pursuant to the market-based rate authorization of Verso Bucksport.

Currently, Verso Paper owns 100% of the interests in Verso Bucksport, and Verso Maine owns 100% of the interests in Verso Bucksport Power.

The buyer, AIM Development, is a wholly-owned subsidiary of American Iron & Metal Co. Inc., a privately-held Canadian metal recycling company. Applicants maintain that neither nuyer nor any of its affiliates currently owns or controls any generating capacity physically located in the ISO-NE market. Applicants explain that although buyer has been the owner of the Sartell Project, a 9.5-MW hydroelectric dam located on the Upper Mississippi River near Sartell, Minnesota, the commission recently issued an order approving the transfer of that project’s license from buyer to Eagle Creek Sartell Hydro LLC.

A contact for the buyer is: Walter Griesseier, President, 120 Bentley Avenue, Ottawa, Ontario, K2E 6T9, (613) 223-4900 (phone), (613) 746-2291 (facsimile), walterg@aimrecyclinggroup.com.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.