The sale is expected to close in early 2012 and will result in a small profit for the company. Chairman and CEO, John D Kuhns, commented that while the key component of the company’s business strategy has been to acquire, develop and construct hydroelectric power projects, it views it portfolio of operating assets as fluid and will make opportunistic sales of certain assets from time to time. “We believe this transaction to sell one of our operating assets at a gain and to simultaneously reduce debt levels is in the company’s best interests,” he said.
