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Recently, Atlanti Power announced that it has signed an agreement to acquire a 50.
00% stake
in Koma Kulshan, Kavanta's 13 MW river hydroelectric project north of Seattle, for $11.
8 million.
In addition, the Company will purchase the operation and maintenance contracts
held by Kavanta for $300,000.
The transaction is subject to any regulatory approval and is expected to close
in the third quarter of 2018.
Upon completion of the transaction with Kavanta, Atlanti Power will own 100% of the project and will become the project operator
.
The Koma Kulshan project has been in commercial operation
since October 1990.
All production is sold to Puget Sound Energy under the terms of the purchase agreement, which runs until March
2037.
The project has two FERC hydropower permits, both of which expire simultaneously as PPAs
.
It was revealed that the project has no debt
.
The company now has a 49% ownership interest in Koma Kulshan through a partnership
.
In early June 2018, the Company acquired a 0.
25% stake
held by the managing general partner for US$1.
1 million.
The acquisition eliminated management fees
paid to the general partner.
The Company plans to fund
the acquisition with discretionary cash.
"This is an important milestone for Atlanti Power, as it marks the first outbound growth investment
after a three-year business restructuring process.
We believe our hydropower assets have good near-term value and strong long-term prospects, and we are therefore pleased to acquire the remaining equity
interest in Koma Kulshan.
By purchasing the operation and management contract, we will have 100% ownership and operational control of the hydropower project and hold the PPA
for 19 years.
”
:/, please indicate the source for reprinting)
Recently, Atlanti Power announced that it has signed an agreement to acquire a 50.
00% stake
in Koma Kulshan, Kavanta's 13 MW river hydroelectric project north of Seattle, for $11.
8 million.
In addition, the Company will purchase the operation and maintenance contracts
held by Kavanta for $300,000.
The transaction is subject to any regulatory approval and is expected to close
in the third quarter of 2018.
Upon completion of the transaction with Kavanta, Atlanti Power will own 100% of the project and will become the project operator
.
The Koma Kulshan project has been in commercial operation
since October 1990.
All production is sold to Puget Sound Energy under the terms of the purchase agreement, which runs until March
2037.
The project has two FERC hydropower permits, both of which expire simultaneously as PPAs
.
It was revealed that the project has no debt
.
The company now has a 49% ownership interest in Koma Kulshan through a partnership
.
In early June 2018, the Company acquired a 0.
25% stake
held by the managing general partner for US$1.
1 million.
The acquisition eliminated management fees
paid to the general partner.
The Company plans to fund
the acquisition with discretionary cash.
"This is an important milestone for Atlanti Power, as it marks the first outbound growth investment
after a three-year business restructuring process.
We believe our hydropower assets have good near-term value and strong long-term prospects, and we are therefore pleased to acquire the remaining equity
interest in Koma Kulshan.
By purchasing the operation and management contract, we will have 100% ownership and operational control of the hydropower project and hold the PPA
for 19 years.
”
:/, please indicate the source for reprinting)
/
