Generation and infrastructure company Atlantic Power will buy the outstanding shares of solar and wind company Ridgeline Energy Holdings for US$88 million.
Barry Welch, president and CEO of Atlantic Power said that the company will acquire Ridgeline’s development pipeline, which includes approximately 20 solar and wind projects in the US that total nearly 1,000MW.
Atlantic Power plans to fund the acquisition from the net proceeds of a planned issuance of convertible debt. It will assimilate Ridgeline’s team of over 30 employees into its operation.
Ridgeline is a wholly-owned subsidiary of Eolfi, a European renewable power development company majority owned by French multinational company, Veolia.