Atlantic to buy 40 MW of biomass plants from EDF

Image by coniferconifer.

September 21 (Renewables Now) - Atlantic Power Corp (NYSE:AT) said on Thursday it has executed an agreement to acquire for USD 13 million (EUR 11m) 40 MW of biomass plants from EDF Renewables Inc.

The two 20-MW plants are located in South Carolina and have been operational since 2013. They use primarily mill and harvesting residues as feedstock and sell their output to state-owned utility Santee Cooper under power purchase agreements (PPAs) that will run to 2043.

With the transaction not subject to regulatory approval, closing is expected to happen in the third or fourth quarter of 2019, following a restructuring of the plants' ownership structure after the end of relevant tax credit recapture periods.

The acquisition will be funded from Atlantic Power's discretionary cash.

EDF Renewables is a unit of French utility Electricite de France (EPA:EDF).

(USD 1 = EUR 0.85)

More stories to explore
Share this story
About the author
Browse all articles from Lucas Morais

Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription