Concurrently, approximately US$442 million of combined term loans, letter of credit loans and revolving loans related to the Harquahala facility were closed as part of the transaction
Capital Power completes acquisition of the 1,092-MW Harquahala natural gas generation facility in Arizona. (Credit: cwizner from Pixabay)
Capital Power Corporation (TSX: CPX) (“Capital Power” or the “Company”) is pleased to announce the closing today of the acquisition by a 50/50 partnership between Capital Power Investments, LLC and an affiliate of a fund managed by BlackRock’s Diversified Infrastructure business (“BlackRock”) of 100% of the equity interests in New Harquahala Generating Company, LLC (the “Harquahala Acquisition”) which owns the 1,092 MW Harquahala natural gas-fired generation facility in Arizona. Concurrently, approximately US$442 million of combined term loans, letter of credit loans and revolving loans related to the Harquahala facility were closed as part of the transaction.
The Harquahala Acquisition and the acquisition of the 1,062 MW La Paloma natural gas-fired generation facility in California were previously announced on November 20, 2023. The acquisition of the La Paloma facility was completed on February 9, 2024. The net purchase price for the two acquisitions attributable to Capital Power is US$1.1 billion, subject to working capital adjustments. Capital Power will be responsible for the operation, maintenance and asset management of the facilities relating to the Acquisitions and will receive an annual management fee for the Harquahala facility.
Source: Company Press Release