Capital Power, Manulife to Buy Midland Cogeneration From Omers
12 Luglio 2022 - 3:09PM
Dow Jones News
By Colin Kellaher
Capital Power Corp. on Tuesday said it is teaming with Manulife
Investment Management to buy a 1,633-megawatt natural gas
combined-cycle cogeneration facility in the U.S. in a deal valued
at $894 million, including the assumption of $521 million of
project level debt.
The companies are acquiring MCV Holding Co., which owns the
Midland Cogeneration plant in Michigan, from Omers Infrastructure
Management, the infrastructure-investment arm of the Ontario
Municipal Employees Retirement System, and its co-investors in a
deal slated to close in the third quarter.
Capital Power, an Edmonton, Alberta, wholesale power producer,
and Manulife, on behalf of its Manulife Infrastructure Fund II,
will each contribute about $186 million under a joint-venture
agreement, Capital Power said.
The company said the Midland plant is largest gas-fired
cogeneration facility in the U.S. and is a critical asset to
support grid reliability during the transition to renewables.
Capital Power said it plans to finance its portion of the
transaction with cash on hand and its credit facilities, adding
that it won't need to access the equity markets.
Omers acquired the Midland plant in 2012.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 12, 2022 08:54 ET (12:54 GMT)
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