Business News • MarketWire • Atlantic Power Corporation Announces Closing of Construction Financing for First Biomass Project |
Atlantic Power Corporation Announces Closing of Construction Financing for First Biomass Project |
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Atlantic Power Corporation Announces Closing of Construction Financing for First Biomass Project
BOSTON, MASSACHUSETTS--(Marketwire - Oct. 21, 2010) - Atlantic Power Corporation (TSX:ATP)(NYSE:AT) (the "Company") today announced the closing of non-recourse, project-level bank financing for Piedmont Green Power (the "Project"), the Company's first biomass power project. The terms of the financing include an $82 million construction and term loan and a $51 million bridge loan for approximately 95% of the stimulus grant to be received from the U.S. Treasury 60 days after the start of commercial operations. MUFG Power and Utilities and Investec are the lead arrangers and joint bookrunners for the financing. In addition, the Company will make an equity contribution of approximately $75 million for substantially all of the equity interest in the Project.
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