Valener Inc. announced that Gaz Metro Limited Partnership’s wholly owned subsidiary Northern New England Energy Corporation has completed the acquisition of Vermont’s largest electricity distributor, Central Vermont Public Service Corporation (CVPS).
In the coming months, it is expected that CVPS will consolidate it operations with those of the second largest electricity distributor in Vermont, Green Mountain Power Corporation, which was acquired by Gaz Metro in 2007.
Chairman of the Board of Valener Pierre Monahan said, “In regard to its acquisition of CVPS, Valener will contribute approximately $75million to Gaz Metro’s capital, equal to its interest in Gaz Metro, which will enable it to participate significantly in the growth of the latter’s activities.”