Atlantic Power to buy Capital Power for $1.09 billion
- Capital Power Income L.P.
On June 20, 2011, Capital Power Income L.P. (TSX: CPA.UN) (CPILP) and Atlantic Power Corporation (TSX: ATP) (NYSE: AT) (Atlantic Power) jointly announced that they have entered into an arrangement agreement pursuant to which Atlantic Power will acquire, directly and indirectly, all of the outstanding limited partnership units of CPILP for an aggregate consideration of $1.09 billion. CPILP is a limited partnership, managed by Capital Power Corporation, owning more than 1,400MV of electricity generating assets, including hydropower, combined heat and power, biomass, cogeneration and cycle gas fired power plants in Canada and the United States. Atlantic Power owns and operates power generation and infrastructure assets in the United States. As a result of the transaction, Atlantic Power will diversify into Canada and increase the net generating capacity of the plants it owns by 143 per cent from 871 MW to approximately 2,116 MW.
Norton Rose OR LLP is representing CPILP with a team comprised of Crispin Arthur and Matt Hall.