Atlantic Power Corporation Announces Agreement to Acquire Two Contracted Biomass Plants in South Carolina
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., Sept. 20, 2018 /PRNewswire/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") announced today that it has executed an agreement to acquire two biomass plants in South Carolina from EDF Renewables Inc. for $13 million. The Allendale plant is located in Allendale, South Carolina and the Dorchester plant in Harleyville, South Carolina. Each of the plants has a capacity of 20 megawatts. Closing of the transaction is expected to occur late in the third quarter or in the fourth quarter of 2019, following a restructuring of the plants' ownership structure by EDF Renewables after the end of relevant tax credit recapture periods. The transaction is not subject to regulatory approval. Atlantic Power will assume operation of the plants at closing, or potentially earlier, subject to negotiation of an agreement with EDF Renewables. The purchase will be funded from the Company's discretionary cash. The two plants are identical in design
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