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Hafslund sells 3 U.S. plants for $30 mln

Norwegian utility Hafslund HNA.OL said on Thursday it would sell three small hydroelectric plants in the eastern United States to Canada's Brascan BNNa.T for $30 million, reaping a small profit.

Norwegian utility Hafslund HNA.OL said on Thursday it would sell three small hydroelectric plants in the eastern United States to Canada's Brascan BNNa.T for $30 million, reaping a small profit.
"The transaction is a natural step in the ongoing work in Hafslund to divest non-core assets," Hafslund said in a statement.

The sale, which Hafslund expects to close by the beginning of March depending on regulatory approval, will have a "marginal effect" on net income, the company said.

Hafslund agreed to sell two plants in New Hampshire and one in Maine with combined generating capacity of 16.5 megawatts and annual output of slightly under 100 gigawatt hours, Hafslund's Senior Vice President for Generation Knut Mikalsen said.

Hafslund said that it was also working on a sale of a 16-megawatt biomass power plant in New Hampshire, which is its only remaining operation in the United States. The plants were acquired by Hafslund during the 1990s.

"Our strategy is to focus on the production capacity that we have in Norway," Mikalsen said.

Hafslund, Norway's biggest electricity retailer, is also engaged in the retail power market in Sweden.

Brascan said in a separate statement that the acquisition raised to 42 the number of its power plants in New Hampshire, Maine, Ontario, Quebec, British Columbia and Lousiana, with total generating capacity of 1,700 megawatts.

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