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Tembec sells hydro-electric generating assets at Smooth Rock Falls

Tembec has closed the sale of its hydro-electric generating assets located in Smooth Rock Falls, Ontario, to Gemini-SRF Power Corporation. Total consideration for the hydro assets, which have a capacity of approximately 7.4 megawatts, is $16.5…

Tembec has closed the sale of its hydro-electric generating assets located in Smooth Rock Falls, Ontario, to Gemini-SRF Power Corporation. Total consideration for the hydro assets, which have a capacity of approximately 7.4 megawatts, is $16.5 million.

Tembec closed its pulp mill in Smooth Rock Falls in 2006.

As a result of the sale, Tembec will record a gain of approximately $3 million in its June 2011 fiscal quarter financial results.

Gemini-SRF Power Corporation is a subsidiary of Gemini Power Corp., a privately-owned, Ontario-based, renewable power generation corporation.