Atlantic Power Corporation (AT, ATP.TO) announced it has entered into an agreement with Veolia Environnement SA to acquire all of the outstanding shares of Ridgeline Energy Holdings Inc., currently a subsidiary of Eolfi SA, a European renewable power development company majority owned by Veolia. Ridgeline Energy currently has a wind and solar development pipeline of more than 20 projects in the U.S. totaling approximately 1,000 MW.
The Acquisition will increase the company's ownership interest in the Rockland project to a 50% managing member interest from 30%, and add a 12.5% interest in Ridgeline's 125 MW Goshen North project. As part of the acquisition of Ridgeline, the company will also acquire 100% of Meadow Creek, a 120 MW wind project currently under construction in Idaho, with a commercial operation date expected in December 2012.
The total cost of the acquisition will be approximately $88 million, subject to working capital adjustments.
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