Atlantic Power Corporation (ATP.TO) announced that on December 31, 2012, it closed its previously announced acquisition of Ridgeline Energy Holdings, Inc. Upon closing, the maturity date of the Company's 6.00% series D extendible convertible unsecured subordinated debentures was automatically extended to December 31, 2019. The Company also announced that the approximately 300 MW Canadian Hills Wind project achieved its commercial operation date (COD), and that the Company closed tax equity funding for the Project and fully repaid the Project's $272 million construction loan.
"We are pleased to add 450 net MW of generating capacity to our portfolio with the addition of Canadian Hills and Ridgeline, an increase of 20%," said Barry Welch, President and CEO of Atlantic Power. "The acquisition of Ridgeline adds over 150 net MW of fully-operational wind generation to our portfolio, and also positions us well for additional growth in the renewable energy space, where we have had success managing development and construction risk through to commercial operation. We successfully accessed the capital markets in 2012, raising US$300 million of growth capital to fund acquisition opportunities and closing US$225 million of tax equity funding to refinance the short-term construction debt at our Canadian Hills wind project. We expect the addition of the Canadian Hills and Ridgeline projects in December 2012, and the Piedmont project in the first quarter of 2013, will increase the average remaining power purchase agreement ( PPA ) life of our portfolio by 38% from 7.2 years to approximately 9.9 years, as all five projects have PPAs of 20 years or longer."
Atlantic Power is up 31 cents (2.74%) to $11.64 near midday.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
