Cdn. Yield: Corps, Trusts, GICs, Pref. Shares - Capital Power CPX completes Subscription - Cdn. Yield: Corps, Trusts, GICs, Pref. Shares - InvestorVillage


Cdn. Yield: Corps, Trusts, GICs, Pref. Shares
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Msg  113442 of 113567  at  11/28/2023 8:39:48 PM  by

The Red


 In response to msg 113440 by  MaxPowerJr
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Re: Capital Power CPX completes Subscription

 Yeah. analyst reports would be helpful. 

Thirty odd years ago, I did backpack into the Kern River headwaters and fished dry flies to Golden and Rainbow trout so I have a rough idea as to location.  Otherwise, am not sure at all how to evaluate the announced acquisitions.  As an outsider, California and 'energy' tend to make me nervous.
 
 

Capital Power Announces Strategic Acquisition of Two Contracted Combined-Cycle U.S. Gas Generation Facilities and a $400 Million Subscription Receipts Offering

US$1.1 billion (~$1.5 billion) acquisition will be immediately accretive to adjusted funds from operations per share

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EDMONTON, Alberta – November 20, 2023 – Capital Power Corporation (“Capital Power” or the “Company”) (TSX: CPX) announced today that it has entered into two separate definitive agreements with CSG Investments, Inc., a subsidiary of Beal Financial Corporation, to acquire:

  1. 100% of the equity interests in CXA La Paloma, LLC (“La Paloma”), which owns the 1,062 MW La Paloma natural gas-fired generation facility in Kern County, California (the “La Paloma Acquisition”); and
  2. under a newly formed 50/50 partnership between Capital Power Investments, LLC and an affiliate of a fund managed by BlackRock’s Diversified Infrastructure business (“BlackRock”), 100% of the equity interests in New Harquahala Generation Company, LLC (“Harquahala”), which owns the 1,092 MW Harquahala natural gas-fired generation facility in Maricopa County, Arizona (the “Harquahala Acquisition” and together with the La Paloma Acquisition, the “Acquisitions”).

Under the newly established 50/50 partnership, Capital Power and BlackRock will each be responsible for funding 50% of the cash consideration for the Harquahala Acquisition. Capital Power will be responsible for the operations and maintenance and asset management for which it will receive an annual management fee.

The net purchase price of the Acquisitions attributable to Capital Power is expected to be US$1.1 billion (~$1.5 billion), subject to working capital and other customary closing adjustments. The Acquisitions are each expected to close in the first quarter of 2024, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions.

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