North American power producer Capital Power announced a variety of corporate developments Thursday morning at its Investor Day event in Toronto, including the acquisition of a portfolio of projects from Element Power US, LLC.
Capital Power signed off on a purchase and sale agreement to acquire Element Power in November 2014, totaling out to approximately US$62 million, including US$52 million in project financing debt.
Due to the acquisition of Element Power, Capital Power has now also obtained a portfolio of solar and wind development projects in the US.
The sites are comprised of 10 wind energy projects and four PV projects, including a plant in North Carolina with a 15MW solar contract with Duke Energy Progress. Capital Power also acquires Macho Springs, a 50MW wind project in New Mexico, as part of the deal.