White Pine Power Plant Sold; Traxys Sale Completed

The White Pine power plant and copper refining facility have been sold. Prairie Plant Systems of Saskatoon, Saskatchewan finalized terms of the purchase of the Traxys Power Group on Monday. Prairie Plant’s purchase also includes Upper Peninsula Power Marketing, which buys and sells energy across the electrical grid. The new White Pine entity will be known as P.M. Systems. Prairie Plant did not purchase the L’Anse Warden plant, which was also part of the Traxys Power Group. L’Anse Village Manager Bob LaFave says he understands a purchaser has been found for Warden, and that a closing may take place around the end of the year. Prairie Plant Systems owns SubTerra, which uses underground space in the old White Pine Mine to grow plants used in biomedical research and pharmaceutical production. Prairie Plant President and CEO Brent Zettl said the purchase will secure power for their facility in the face of an uncertain future for electrical production in the Upper Peninsula. News of the White Pine transaction came as the Carlyle Group and investor Louis Bacon completed their purchase of the Traxys Group… which had owned Traxys Power Group. You can read Prairie Plant’s full press release here.