in News Departments > Projects & Contracts
print the content item

Atlantic Power Corp. has entered into an agreement with Veolia Environnement SA to acquire all of the outstanding shares of Ridgeline Energy Holdings Inc., which is currently a wholly owned subsidiary of Eolfi SA, a European renewable energy development company that is majority owned by Veolia.

Under the agreement, Atlantic Power will increase its ownership interest in the 79.2 MW Rockland wind project from 30% to 50% and add a 12.5% interest in Ridgeline's 125 MW Goshen North project. The company will also acquire 100% of Meadow Creek, a 120 MW wind project currently under construction in Idaho that is expected to be complete by the end of the year.

In addition, Atlantic Power will acquire Ridgeline's development pipeline, which includes more than 20 wind and solar projects totaling 1 GW. The company says its planned development expenditures in 2013 are focused on near-term opportunities where power purchase agreements can be obtained quickly.

Wind energy development viability will depend on continued support from renewable portfolio standards in more than 30 states and a possible extension of the production tax credit, Atlantic Power notes.

The total cost of the acquisition will be approximately $88 million, subject to working capital adjustments. The company currently intends to fund the acquisition from the net proceeds of a planned issuance of convertible debt.

The acquisition is subject to approval from the Federal Energy Regulatory Commission and other regulatory agencies. In addition to customary closing conditions, the acquisition closing is subject to Atlantic Power obtaining financing and the Meadow Creek project achieving certain commercial operating milestones. The acquisition is expected to close on or before Dec. 31.



Trachte Inc._id1770
Latest Top Stories

Why States Should Adopt A Renewable Portfolio Standard

A new study analyzes the potential benefits of state renewable energy mandates, as well as recommends what such policies should include.


Sen. Reid Vows To Bring Wind PTC To A Vote By Year's End

Nevada's senior senator provides some encouragement to wind industry advocates during his annual Clean Energy Summit.


Steadily, Wind Turbine OEMs Resume R&D Investment

An increased commitment to research and development will likely lead to wind energy innovation - not to mention a likely increase in patent-protected technology.


Quebec Government Postpones Wind Power RFP; No New Date Scheduled

The request for proposals (RFP) is part of an overall 800 MW wind power tranche that will serve as a bridge to the next phase in the province's energy future.


Setting The Record Straight: How Many Birds Do Wind Turbines Really Kill?

Several peer-reviewed studies are more or less in agreement with avian mortality rates caused by wind turbines. However, one study, which is wildly off from the others, is most often cited in the media. Why?

Canwea_id1984
Renewable NRG_id1934
UnitedEquip_id1995
Future Energy_id2008