Business News • MarketWire • Atlantic Power Announces Agreement to Acquire Cadillac Renewable Energy, LLC |
Atlantic Power Announces Agreement to Acquire Cadillac Renewable Energy, LLC |
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Atlantic Power Announces Agreement to Acquire Cadillac Renewable Energy, LLC
BOSTON, MASSACHUSETTS--(Marketwire - Oct. 25, 2010) - Atlantic Power Corporation (TSX:ATP)(NYSE:AT) ("Atlantic Power" or the "Company") announced today that it has entered into an agreement to acquire 100% of the membership interests of Cadillac Renewable Energy, LLC ("Cadillac"), a 39.6 MW wood fired facility located in Cadillac, Michigan from a joint venture which is owned by ArcLight Energy Partners Fund II L.P. and Olympus Power, LLC. The project has been in operation since July 1993. The purchase price will be approximately $77 million, subject to customary working capital adjustments, and will be funded by $35 million of cash on hand and $42 million of assumed non-recourse, project-level debt. Operations and maintenance will be managed by Rollcast Energy, Atlantic Power's majority-owned subsidiary. The acquisition is expected to close later in the fourth quarter. The Company expects to receive
View More : http://www.marketwire.com/mw/release.do?id=1340936&sourceType=3
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