Atlantic Power picks up stake in Oklahoma wind project

Reuters News
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Posted: Feb 01, 2012 2:08 PM

(Reuters) - Independent power producer Atlantic Power Corp said it bought a majority stake in Canadian Hills LLC, which owns a 300 megawatts windpower project in Oklahoma, for $23 million.

Atlantic Power, which would have a 51 percent stake in Canadian Hills, said total costs for the U.S.-power project are expected to be about $460 million.

Construction of the project -- Canadian Hills -- which is being developed by Apex Wind Energy Holdings is expected to begin in April, with commercial operations likely in November.

The Canadian company will have the right to invest 100 percent of the project equity or about $170 million, Atlantic Power said in a statement.

Shares of Atlantic Power, which has projects in Florida, New Jersey, California and Michigan, were trading up 3 Canadian cents at C$14.92 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)