Atlantic Power Sells Wind Biz To TerraForm For $350 Million

Posted by NAW Staff on April 01, 2015 No Comments
Categories : New & Noteworthy

Atlantic Power Corp. has agreed to sell its wind energy projects to TerraForm Power for $350 million.

The all-cash deal – comprising 521 MW – includes five projects located in Idaho and Oklahoma. They include Goshen North (12.5% economic interest), Idaho Wind (27.6%), Meadow Creek (100%), Rockland Wind Farm (50% economic interest, but consolidated on a 100% basis) and Canadian Hills (99%).

The sale is subject to various closing conditions and approvals, including the receipt of regulatory approval by the Federal Energy Regulatory Commission; antitrust approvals under the Hart-Scott-Rodino Act; and other required governmental, third-party and lender consents and approvals.

Goldman, Sachs & Co. served as financial advisor to Atlantic. Morgan, Lewis & Bockius LLP served as legal counsel.

According to Atlantic Power, net proceeds from the transaction are expected to be approximately $338 million after estimated transaction fees and transaction-related taxes. Atlantic expects to update its guidance for the sale of its wind assets when it reports results for the first quarter of the year after the market closes on May 7.

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