AbitibiBowater Sells $304M Hydro Stake

Canadian pulp and paper manufacturer,AbitibiBowater, will sell its 75% stake in Ontario hydroelectric project, ACH. The Montreal-based company will receive around $304.4 million from a consortium formed by a Canadian institutional investor and a private renewable energy company.

As part of the deal, theCaisse de dépôt et placement du Québecwill also sell its 25% interest in ACH. AbitibiBowaterappointedCIBC World Marketsas financial advisor in the deal.

Click here for the release fromPR Newswire.