Yadkin dams sale finalized between Cube Hydro, Alcoa
By Josh Bergeron
SALISBURY — High Rock Dam and three others on the Yadkin River are officially under new management.
The sale between Maryland-based Cube Hydro and Alcoa of four Yadkin River dams officially closed Thursday, the companies announced. A sale price was not disclosed.
Cube Hydro Carolinas, a subsidiary of the Maryland-based company, will now take ownership of High Rock, Tuckertown, Narrows and Falls dams. Together, the facilities total 215 megawatts of power generation. Cube Hydro plans to make upgrades to the Yadkin River dams.
The companies announced the sale in July. In September, Alcoa received a long-term operating license for the Yadkin River dams, which was promptly transferred to Cube Hydro. The operating license is good until 2055.
In a news release, Cube Hydro CEO Kristina M. Johnson said her company is excited to take ownership of the Yadkin River’s hydroelectric dams.
“Investing in clean power in North Carolina has long been a goal of ours,” Johnson said. “We look forward to partnering with local leaders surrounding the Yadkin River to innovate and produce economic, environmental and social benefits for our new neighbors who live and work here.”
The sale between Cube Hydro and Alcoa will create “significant economic and environmental benefits for the local community,” the news release said. As part of a long-term operating license, Cube Hydro will be held to a number of conditions and project requirements. For example, the license requires that a swimming beach be built on High Rock Lake. The license also includes water quality requirements.
“We understand that what is good for the local and regional community is good for our business,” said John Collins, Cube Hydro executive vice president.
Alcoa Energy President Simon Baker said the transition of the dams went smoothly.
With the four Yadkin River dams, Cube Hydro now operates 19 plants in New York, Pennsylvania, Virginia, West Virginia and North Carolina. Cube Hydro’s facilities combined generate enough electricity to power about 140,000 homes with renewable energy, a news release said.
Contact reporter Josh Bergeron at 704-797-4246.
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