Utility owner plans to donate millions after sale

Nov 07, 2013 -- 10:30am
- JUNEAU, Alaska (AP) - The longtime owner of a Juneau utility plans to donate millions from its expected sale to the Juneau Community Foundation. Bill Corbus was president of Alaska Electric Light and Power Co. from 1987 to 2002, when he retired. He also served on the foundation's board and says he's supported the group's efforts. It was announced earlier this week that a Washington-based company would buy the utility's parent, Alaska Energy and Resources Co., for $170 million, minus debt and other adjustments. The Juneau Empire reports Corbus plans to donate 90 percent of his shares, or about $40 million, to the foundation after the sale of the utility closes. That is expected to happen by July. The foundation's executive director said the donation would be a "game changer" for her organization.

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