THE NSW Sugar Milling Cooperative has sold cogeneration plants at Broadwater and Condong to Swiss based investment company Capital Dynamics for an undisclosed sum.
Following detailed negotiations, chief executive Chris Connors announced the sale today, saying no jobs will be lost.
"The settlement of the sale brought to fruition a key target in the Co-operative's business plan to ensure our sustainability going forward," he said.
NSW Sugar chairman Ian Causley said the sale of the plants was a positive outcome for the cooperative.
"It will ensure that a collaborative approach is taken to the development of the business whilst releasing all liabilities and risks that surrounded the cogeneration business from the Co-operative's perspective," he said.
After proving a financial failure, the plants, which use sugar cane waste to generate electricity, were put on sale in 2011 to repay loans used to pay for their construction.
Depending on fuel, Capital Dynamics plan to run the plants during the sugar cane off season targeting peak pricing periods from February through to April.
Update your news preferences and get the latest news delivered to your inbox.