Judge approves sale of hydro plant to town

first_imgBankruptcy judge approves sale of hydro plant to RockinghamOfficials in Rockingham hope that a $72.4 million purchase of the hydro electric facility on the Connecticut River in Bellows Falls will lower electric rates to the community. A US Bankruptcy Court judge has approved the sale from USGen New England. The deal must be completed by December 1, although the actual closing probably would not occur until October 2005. If the town failed to finalize financing by December 1, the town would forfeit its right to take the dam by eminent domain for 10 years.Rockingham first proposed buying the 48-megawatt facility four years ago when USGen, then a subsidiary of Pacific Gas & Electric, started contesting its tax bill.last_img

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