Atlantic swallows Ridgeline Energy
Power outfit buys US wind developer
Atlantic Power Corporation is buying US wind developer Ridgeline Energy Holdings from a Veolia Environment subsidiary for a total of $88m, subject to working capital adjustments.
The company currently intends to fund the deal from the net proceeds of a planned issuance of convertible debt.
"The acquisition will add interests in three wind projects totaling a net 150MW, two in operation and one completing construction by year- end," said Atlantic president and CEO Barry Welch. The 100%-owned 120MW Meadow Creek is currently being built in Idaho.
The deal will increase Atlantic's interest in the Rockland wind farm to a 50% managing stake from 30%, and add 12.5% at Ridgeline's 125MW Goshen North.
Atlantic will also take over Ridgeline's US development pipeline, which includes approximately 1000MW of solar and wind projects, integrating the developer's team of 30 employees.
The purchase is subject to approval from the Federal Energy Regulatory Commission as well as other regulatory agencies, financing and certain commercial operating milestones at Meadow Creek. The deal is expected to close by the year-end.
Photo: the Ridgeline assets will build on Atlantic's existing portfolio, including the 183MW Idaho Wind (courtesy of Atlantic)