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Atlantic Power Corp Announces Agreement To Acquire Ridgeline Energy Holdings, Inc


Friday, 16 Nov 2012 09:01am EST 

Atlantic Power Corp announced that it has entered into an agreement with Veolia Environnement SA to acquire all of the outstanding shares of Ridgeline Energy Holdings, Inc., currently a wholly owned subsidiary of Eolfi SA, a European renewable power development company majority owned by Veolia. In addition, the Company will acquire Ridgeline's development pipeline, which includes approximately 1,000 MW of solar and wind projects. As part of the acquisition of Ridgeline, the Company will also acquire 100% of Meadow Creek, a 120 MW wind project currently under construction in Idaho, with a commercial operation date (COD) expected in December 2012. As part of the Acquisition, Atlantic Power will integrate Ridgeline's team of over 30 employees, which has a broad set of competencies essential for the identification, resource assessment, development (including permitting), construction and operation of renewable power projects. As a part of Atlantic Power, this team will also assist the Company in assessment and pursuit of other renewable acquisitions and in managing Atlantic Power's growing renewable energy portfolio. The total cost of the Acquisition will be approximately $88 million. The Company currently intends to fund the acquisition from the net proceeds of a planned issuance of convertible debt. The Acquisition is expected to close on or before December 31, 2012. 

Company Quote

2.58
-0.01 -0.39%
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