Atlantic Power Announces Agreement to Acquire Ownership Interests in Two Contracted Biomass Plants
ATLANTIC POWER CORP (AT)
Last atlantic power corp earnings: 2/27 05:13 pm
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US:NYSE Investor Relations:
investors.atlanticpower.com
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Source: PR Newswire
DEDHAM, Mass., May 15, 2019 /PRNewswire/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") announced today that it has executed an agreement to acquire, for $20 million, the equity ownership interests held by AltaGas Power Holdings (U.S.) Inc. ("AltaGas") in two contracted biomass plants in North Carolina and Michigan. The acquisition is subject to the approval of the Federal Energy Regulatory Commission and customary third-party consents. Closing is expected by mid-2019. The purchase will be funded from the Company's discretionary cash. Craven County Wood Energy is a 48 megawatt (MW) biomass plant in North Carolina that has been in service since October 1990. Atlantic Power will acquire a 50% interest in the plant from AltaGas. The remaining 50% interest is held by CMS Energy. Craven County has a Power Purchase Agreement (PPA) with Duke Energy Carolinas that runs through December 2027. The plant burns wood waste, including wood chips, poultry lit
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