North American-based independent power producer (IPP) Atlantic Power Corporation has acquired stakes in two biomass plants in North Carolina and Michigan.
The IPP has acquired a 50% stake in the Craven County Wood Energy plant, a 48MW biomass facility in North Carolina from AltaGas Power Holdings.
Atlantic Power will continue supplying Duke Energy Carolinas until December 2027.
The IPP will also acquire a 30% share in the Grayling Generating Station, a 37MW biomass plant to provide Consumers Energy with electricity through to December 2027.
What remains for the deals to be sealed is an approval from the Federal Energy Regulatory Commission.
The agreements are expected to be finalised by mid-2019.
Atlantic Power has been advised to enter into the two deals by legal services provider Eversheds Sutherland.
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