Brascan Expands U.S. Power Operations with Acquisition of three Hydroelectric Facilities in New England.Business Editors TORONTO--(BUSINESS WIRE)--Sept. 24, 2003 Brascan Corporation (NYSE NYSE See: New York Stock Exchange : BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : BNN.a) announced today the acquisition of three hydroelectric power plants located in northeastern United States from Hafslund, a Norweigan-based power company, for approximately US$30 million, including working capital. This transaction, which is expected to close before the end of the year, includes the Pontook and Errol plants located twenty miles apart on the Androscoggin River in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and Brassua, located on the Moose River in Maine. Together these three power generating facilities, which are interconnected with the New England power grid, have a total generating capacity of 16.5 megawatts. "Brascan's growth strategy in the power business is focused on the acquisition of high quality assets which generate long term sustainable cash flows. The acquisition of these low cost, well maintained power generating facilities, strengthens our position as a key participant in the Northeastern U.S. power market. The facilities provide strategic advantages and operating synergies when combined with our existing operations in New England, particularly the six power generating facilities we already own on the Androscoggin River just downstream of the Pontook and Errol facilities," commented Harry Goldgut, Co-Chairman and Chief Executive Officer of Brascan Power. The completion of this transaction brings to 42 the total number of Brascan's generating facilities across New Hampshire, Maine, Ontario, Quebec, British Columbia and Louisiana, and total generating capacity to 1700 megawatts. Brascan is a real estate, power generation and asset management company whose objective is to earn a superior return on equity by operating businesses which produce consistent and sustainable cash flows. With direct investment of US$15 billion and a further US$10 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , Brascan owns 50 high quality office properties and 42 power generating plants. Within Brascan's areas of expertise, the company either invests directly or through the capital markets in high quality assets and lends bridge or mezzanine capital to owners that are willing to share their equity returns. The company is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol BNN and BNN/a respectively. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion