Sale consistent with strategic plan to focus on core businesses
(POUGHKEEPSIE, NY) CH Energy Group, Inc. (CHG) subsidiary Central Hudson Enterprises Corporation has entered into a sale agreement with ReEnergy Holdings LLC, for the Lyonsdale Biomass Facility in Lewis County, N.Y.
"This divestiture is part of a new strategic direction announced late last year, to focus on our core energy delivery businesses," said Steven V. Lant, Chairman of the Board, President and C.E.O. "We are in the process of divesting our renewable energy portfolio, and this transaction is an important step along our new path."
The plant was acquired by CH Energy Group in 2006. Thorndike Landing acted as the exclusive advisor to Central Hudson Enterprises Corporation for this transaction. The closing is expected in May 2011.
About CH Energy Group, Inc.: CH Energy Group, Inc. is predominantly a regulated transmission and distribution utility, headquartered in Poughkeepsie, NY. Central Hudson Gas & Electric Corporation serves approximately 300,000 electric and about 74,000 natural gas customers in eight counties of New York State's Mid-Hudson River Valley, delivering natural gas and electricity in a 2,600-square-mile service territory that extends north from the suburbs of metropolitan New York City to the Capital District at Albany. CH Energy Group also operates Central Hudson Enterprises Corporation (CHEC), a non-regulated subsidiary composed primarily of Griffith Energy Services, which supplies energy products and services to approximately 57,000 customers in the Mid Atlantic Region, as well as several renewable energy investments.
SOURCE: CH Energy Group Inc.
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