Atlantic Power to acquire 300 MW wind development project

Source: Atlantic Power Corp. 

Atlantic Power Corporation (NYSE: AT) (TSX: ATP) announced that on January 31, 2012 it invested approximately $23 million of late-stage development capital to own 51% of Canadian Hills Wind, LLC. Canadian Hills is the 100% owner of the Canadian Hills Project, which is a 298.45 MW wind power project in the late stages of development, located approximately 20 miles west of Oklahoma City, Oklahoma. 

Apex Wind Energy Holdings, LLC, a leading wind power developer based in Charlottesville, Virginia, 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. 

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% of the project equity or approximately $170 million. 

For the most up to date and in-depth information on the Wind Generation market visit PennEnergy's comprehensive Research area to access industry focused Reports.

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