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News Breaks
January 31, 2013
08:05 EDTATAtlantic Power announces agreement to sell three Florida facilities for $136M
Atlantic Power that the company and certain of its subsidiaries have entered into a definitive agreement with Quantum Utility Generation and certain of its affiliates to sell the Company's interests in three Florida projects, Auburndale Power Partners Limited Partners, Lake Cogen, and Pasco Cogen for a purchase price, including working capital adjustments, of approximately $136M. Atlantic Power expects to receive net cash proceeds of approximately $111M in the aggregate, after repayment of project-level debt at Auburndale and settlement of all outstanding natural gas swap agreements at Lake and Auburndale. The company intends to use the net proceeds from the sale to fully repay the Company's senior credit facility, which is expected to have an outstanding balance of approximately $67M at close, and for general corporate purposes. The sale is subject to customary closing conditions and approvals, including approval from the Federal Energy Regulatory Commission, and is expected to close in the first quarter of 2013.
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