Atlantic Power Corp. (NYSE: AT, TSX: ATP) has entered into a definitive agreement with Quantum Utility Generation LLC to sell Atlantic Power’s interests in three natural gas- and oil-fired power projects in Florida for $136 million. The sale is subject to customary closing conditions and approvals, including approval from the Federal Energy Regulatory Commission and is expected to close in the first quarter of 2013.
The three projects are the 155 MW Auburndale, the 121 MW Lake and the 121 MW Pasco dual-fueled, combined-cycle cogeneration power plants. Atlantic Power said it expects to receive net cash proceeds of approximately $111 million in the aggregate, after repayment of project-level debt at Auburndale and settlement of all outstanding natural gas swap agreements at Lake and Auburndale.
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