Reuters: Deals: Atlantic Power buys out Oklahoma wind project

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Atlantic Power buys out Oklahoma wind project Apr 2nd 2012, 13:25 Mon Apr 2, 2012 9:25am EDT (Reuters) - Atlantic Power Corp (ATP.TO), a power producer in Canada and the United States, said it now owns almost all of a 300-megawatt (MW) wind power project in Oklahoma, which will help it reduce the use of fossil fuel amid stricter U.S. environmental regulations. The U.S. Environmental Protection Agency said last month it planned to set new rules that would limit CO2 emissions for new power plants, forcing utilities to look for alternatives that will keep their production portfolio intact. Atlantic Power, which earlier this year bought a 51 percent stake in the Canadian Hills wind project, acquired an additional 48 percent interest, it said in a statement on Monday. Apex Wind Energy Holdings, which developed the project, will retain a 1 percent interest. "The investment (in Canadian Hills) will increase the company's average remaining power purchase agreement life from 8.3 years to 9.9 years and increase the wind segment of our net generating capacity from 3 percent to 15 percent ...," Atlantic Power Chief Executive Barry Welch said. The company also said it closed a $310 million project-level financing facility for the $470-million project, estimated to be fully operational by November. Atlantic Power expects cash distributions from the project, which could generate power for more than 100,000 homes, to average $16 million to $19 million for each full year of its operation through 2020. (Reporting by Krishna N Das in Bangalore; Editing by Sreejiraj Eluvangal) Link this Share this Digg this Email Reprints

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