Atlantic Power Increases Stake in 300 Megawatt Wind Farm to 99%

April 3, 2012 by  
Filed under Green Energy News

Atlantic Power Corp. (ATP), a Boston-based
independent power producer, arranged financing to complete a 300
megawatt Oklahoma wind farm and increased its stake to 99
percent.

Atlantic Power completed a $310 million construction
financing facility and purchased 48 percent of the $470 million
Canadian Hills project, about 20 miles (32 kilometers) west of
Oklahoma City, according to a statement today.

Morgan Stanley arranged the financing, which included a
$290 million construction loan and a $20 million, five-year line
of credit, Atlantic Power said in the statement. The company
bought a 51 percent stake in the project in February for $23
million and didn’t give a price for today’s purchase.

Apex Wind Energy Inc., based in Charlottesville, Virginia,
is building the wind farm, which will use turbines from Repower
Systems SE and Mitsubishi Heavy Industries Ltd. (7011) Apex owns the
remaining 1 percent of the project.

The wind farm will produce enough power for more than
100,000 homes and is expected to go into operation by November,
according to the statement.

American Electric Power Co.’s Southwestern Electric Power
utility, Oklahoma Municipal Power Authority and Grand River Dam
Authority will buy Canadian Hills’ electricity under long-term
power-purchase agreements.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editor responsible for this story:
Reed Landberg at
landberg@bloomberg.net

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