Private Seattle downtown steam utility sold

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News,Business

SEATTLE (AP) — Seattle Steam, a private utility that provide steam heat to about 200 buildings in downtown Seattle, has been sold to Toronto-based Brookfield Asset Management.

The sale amount was not disclosed.

Seattle Steam was founded in 1893. In 2010 it installed a biomass boiler that generates steam from burning wood waste from tree trimming, broken shipping frames and demolition.

The Seattle Daily Journal of Commerce reports (http://bit.ly/1sqIdPC) the sale has to be approved by the Seattle City Council to transfer the franchise for 18 miles of pipes under city streets.

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Information from: Seattle Daily Journal of Commerce, http://www.djc.com/

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