RALEIGH, N.C. (AP) — Alcoa Inc. is ending a century of ownership and its yearslong relicensing fight over four North Carolina hydroelectric dams, selling them to a Maryland company that specializes in running clean-power projects.
Spokeswomen for Alcoa and Cube Hydro Partners on Wednesday declined to disclose the purchase price for the dams originally built to power an aluminum smelter on the Yadkin River.
Alcoa closed the factory that once employed hundreds in 2007. The company has made about $200 million since then by selling the electricity to commercial customers.
Republican Gov. Pat McCrory and his Democratic predecessor Beverly Perdue have resisted the company’s efforts to renew its federal operating license for up to 50 years. State leaders have argued the new license would restrict key water resources and industrial development for decades.