HELENA – NorthWestern Energy has reached an agreement to buy 11 hydroelectric power plants from PPL Montana for $900 million.
The companies announced the deal Thursday after the stock market closed.
The sale is expected to close in the second half of 2014 and requires regulatory approval.
The agreement does not include PPL Montana’s interest in the Colstrip power plant or its J.E. Corette coal-fired facility near Billings, and it does not include PPL EnergyPlus, a power marketing and trading operation based in Butte.
In a related transaction, PPL Montana will pay $271 million to terminate a sale-leaseback arrangement for its interest in the Colstrip power plant by the end of the year, meaning PPL expects to net $623 million on the deal.