Boston-based independent power producer Atlantic Power Corp. has filed to issue 5.5 million of its common shares in a secondary offering to fund the 300 MW Canadian Hills wind farm in Oklahoma.
The company will also offer $130 million in convertible debentures to support the effort.
Charlottesville, Va.-based developer Apex Wind Energy is building the wind farm using turbines from REpower Systems SE and Mitsubishi Heavy Industries.
The 300 MW Canadian Hills project, located outside of Oklahoma City, is expected to begin commercial operation later this year. Upon completion, it will be the largest wind farm in Oklahoma, increasing the state's installed wind capacity by 15%, Apex says.
In March, Apex finalized the sale of Canadian Hills to Atlantic Power Corp., while Atlantic simultaneously closed a $310 million construction financing for the $470 million project. The project broke ground in April, and its first foundations were poured in May. Apex is managing construction and will retain a minority ownership interest in the project.