Canada-based Capital Power has signed a purchase and sale agreement to acquire Element Power US LLC, a U.S.-based subsidiary of global developer Element Power.
The acquisition provides Capital Power with a portfolio of 10 wind development sites and four solar sites in the U.S. That includes a North Carolina site with a 15 MW solar contract with Duke Energy Progress Inc.
The acquisition also includes Macho Springs, a 50 MW wind project in New Mexico that has been operating since 2011 and has a 20-year power purchase arrangement with Tucson Electric Power.
Capital expects the transaction to close before year-end, noting that the transfer of Macho Springs is subject to Federal Energy Regulatory Commission approval.
