Atlantic Power to buy 300 MW wind project in Oklahoma

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Boston, February 2, 2012 — Atlantic Power Corp. invested about $23 million of late-stage development capital to own 51 percent of Canadian Hills Wind. Canadian Hills is the 100 percent owner of the Canadian Hills Project, which is a 298.45 MW wind power project in the late stages of development, located about 20 miles west of Oklahoma City.

Apex Wind Energy Holdings, a wind power developer based in Charlottesville, Virginia, is the project developer. The project has executed long-term power purchase agreements with investment grade offtakers for 250.45 MW and is currently negotiating a similar PPA for the remaining 48 MW.

Construction is expected to begin by April 2012 with commercial operations expected in November 2012. The project will deploy REpower 2.05 MW MM92 and Mitsubishi 2.4 MW MWT102 wind turbines. The company would be the project's operator and asset manager.

Total project costs are expected to be about $460 million. Subject to final due diligence, board approval and other conditions, the company will have the right to invest 100 percent of the project equity or about $170 million.

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