WPS to Sell Plant

WPS Resources(WPS Quote) agreed to sell WPS Niagara Generation to US Renewables for $30.2 million.

The company expects total gain to be recognized on the sale to be about $24.5 million pre-tax. The transaction is expected to close in the first quarter of 2007.

WPS Niagara Generation owns the 53-megawatt Niagara Falls generation facility located in the Niagara Mohawk Frontier region in Niagara Falls, N.Y.

"US Renewables Group manages a portfolio of renewable power and clean fuel assets," WPS Energy Services said. "They plan to upgrade the facility to burn more biomass fuel in order to generate renewable energy, so this sale should be perceived positively by the Niagara Falls community."