Both power plants, which began commercial operations in 2000, have a maximum combined capacity of 549MW.

One facility is located in Tiverton, Rhode Island, while the other facility is located in Rumford, Maine.

The purchase price for the acquisition is $315m subject to working capital adjustments and other closing adjustments.

The acquisition is expected to close in April 2011, subject to regulatory approvals.

Capital Power president and CEO Brian Vaasjo said that the company’s business and financial strategies are designed to deliver disciplined growth as it aims to reach 10,000MW of assets by 2020 on a consistently accretive basis.