Atlantic Power has closed the acquisition of Auburndale Power Partners, which owns and operates a 155MW natural gas-fired cogeneration facility in Polk County, Florida.
The purchase price was $134.5 million plus customary adjustments for working capital. The acquisition was funded with cash on hand, a $55 million borrowing under the company's credit facility and non-recourse acquisition debt of $35 million.
There is no debt being assumed with the acquisition. The non-recourse acquisition debt associated with this transaction amortizes fully over the term of the power purchase agreement.