Atlantic Power Corp. has invested approximately $23 million of late-stage development capital to own 51% of Canadian Hills Wind LLC. Canadian Hills is currently the 100% owner of the 298.45 MW Canadian Hills Project, which is in the late stages of development and located approximately 20 miles west of Oklahoma City.
Charlottesville, Va.-based Apex Wind Energy Holdings LLC is the developer of the wind project, which has long-term power purchase agreements (PPAs) with investment-grade off-takers for 250.45 MW and is currently negotiating a similar PPA for the remaining 48 MW.
The project will deploy REpower 2.05 MW MM92 and Mitsubishi 2.4 MW MWT102 wind turbines. Construction is scheduled to begin by April, and commercial operation is expected in November.
Total project costs are expected to be approximately $460 million. Subject to final due diligence, board approval and other conditions, Atlantic Power will have the right to invest 100% of the project equity, or approximately $170 million.