Under the terms of the agreement, Atlantic Power has invested about $23m to acquire the majority stake in 298.45MW wind power project being developed by Apex Wind Energy.
The project will deploy REpower 2.05MW MM92 and Mitsubishi 2.4MW MWT102 wind turbines
The wind project has executed long-term power purchase agreements with investment grade offtakers for 250.45MW and is currently negotiating a similar PPA for the remaining 48MW.
Construction is expected to begin by April 2012 with commercial operations expected in November 2012.
Canadian Hills is the 100% owner of the Canadian Hills wind project and Atlantic Power will be the project’s operator and asset manager.
Atlantic Power Corporation will have the right to invest 100% of the project equity or approximately $170m, subject to final due diligence, board approval and other conditions.
