Canada-based Capital Power has signed a purchase and sale agreement to acquire Element Power US LLC, a subsidiary U.K.-based developer Element Power.
Capital Power says the price tag is approximately $62 million plus $52 million in assumed project financing debt for a total of $114 million.
The acquisition provides Capital Power with a portfolio of 10 wind development sites and four solar sites in the U.S. The latter includes a 15 MW North Carolina solar project under development for Duke Energy Progress Inc.
The acquisition also includes Macho Springs, a 50 MW wind project in New Mexico that has been operating since 2011 and has a 20-year power purchase arrangement with Tucson Electric Power.
Capital expects the transaction to close before year-end, noting that the transfer of Macho Springs is subject to Federal Energy Regulatory Commission approval.