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Quantum Utility Generation has entered into a definitive agreement with the affiliates of Atlantic Power Corporation to acquire Atlantic's 100 percent equity interests in three combined cycle natural gas-fired generation and cogeneration projects located in Florida. The projects being acquired total approximately 400 MW of generation capacity and consist of Auburndale Power Partners, Limited Partnership, Lake Cogen Ltd. and Pasco Cogen Ltd.
In acquiring these operationally flexible combined cycle plants, QUG's Southeastern portfolio is expected to grow, to approximately 1,300 net MW of clean, efficient generation assets. QUG, through this acquisition, is even better positioned to assist regional utilities in meeting their resource planning and operating needs over the coming years.
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.
QUG's current portfolio interests include the Quantum Choctaw Power project, a 760 MW combined cycle generation facility in Mississippi, the Hopewell and Portsmouth projects, two 120 MW scrubbed coal-fired plants in Virginia, and advanced stage, contracted development projects involving solar and wind generation.