Retail Supplier To Be Sold
December 2, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Verso Paper Holding LLC, an indirect, wholly-owned subsidiary of Verso Corporation, has entered into a transaction under which it will sell 100% of the equity interests of Verso Androscoggin LLC (Androscoggin), including its FERC-jurisdictional facilities, and 100% of its equity interests in retail supplier Verso Energy Services LLC (VES), to Pixelle Specialty Solutions LLC (Pixelle)
Verso Energy Services is a retail electric supplier in Maine that provides power supplies at retail to a Verso-owned paper mill in Jay, Maine
VES also provides approximately 55 MW of demand response in the ISO-NE market.
Androscoggin will own, at the time of the transaction, the 244 MW Androscoggin Facility in ISO-NE and the 8 MW Stevens Point Facility in MISO, as well as 100% of the interests in VES and a 30.5% interest in the Gulf Island Pond Oxygenation Project ('GIPOP').
Pixelle Specialty Solutions LLC is a Delaware corporation that owns and operates a specialty paper business unit and associated assets. Pixelle owns and operates paper mills located in Spring Grove, Pennsylvania, and Chillicothe, Ohio, both of which include on-site cogeneration facilities supplying power to the paper mills.
Pixelle Specialty Solutions LLC is a controlled and majority-owned subsidiary of Lindsay Goldberg IV L.P. and its parallel, co-investment and alternative investment funds (collectively, the 'LG Fund'), which are managed by Goldberg Lindsay & Co. LLC ('Lindsay Goldberg'), a private investment firm founded by Alan E. Goldberg and Robert D. Lindsay in 2001.
The sale of retail supplier VES and the affiliates described above as associated with a larger sale under which Pixelle Specialty Solutions is to acquire specialty paper mills in Jay (Androscoggin), ME and Stevens Point, WI from Verso Corporation.