Atlantic Power to pick up 51% stake in 300 MW wind development project for $23 million

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Atlantic Power to pick up 51% stake in 300 MW wind development project for $23 million


By Greentech
Lead Team:
Atlantic Power Corporation has invested approximately $23
million of late-stage development capital to own 51 percent of Canadian Hills
Wind.

Canadian Hills
is the 100 percent owner of the Canadian Hills Project, a 298.45 MW wind power
project in the late stages of development.

Apex Wind
Energy Holdings, a wind power developer, is the project developer. The
project has executed long-term power purchase agreements with investment grade
offtakers for 250.45 MW and is currently negotiating a similar PPA for the
remaining 48 MW. 

Construction
is expected to begin by April 2012 with commercial operations expected in
November 2012.  The project will deploy REpower 2.05 MW MM92 and
Mitsubishi 2.4 MW MWT102 wind turbines, both proven technologies that take
advantage of the project’s strong wind regime. 

The company
would be the project’s operator and asset manager, Atlantic Power Corporation
said in a press release. 

Total project
costs are expected to be approximately $460 million. Subject to final due
diligence, Board approval and other conditions, the company will have the right
to invest 100 percent of the project equity or approximately $170 million.

 

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