Atlantic Power Sells Florida Facilities to Quantum

Atlantic Power closed on its previously announced sale of interests in three Florida projects—Auburndale, Lake Cogen, and Pasco Cogen—to Quantum Utility Generation, a Houston-based generation company owned by Quantum Energy Partners and Canada Pension Plan Investment Board. The total sale price was approximately $140 million, with net proceeds of $117 million, after repayment of project-level debt at Auburndale and settlement of all outstanding natural gas swap agreements at Lake and Auburndale. The proceeds include $92 million received at closing and cash distributions from the projects of approximately $25 million received since January 1. The company expects to use part of the proceeds to pay down its senior credit facility, totaling about $64 million.