Atlantic Power Corp., a Boston-based independent power producer, arranged financing to complete a 300 megawatt Oklahoma wind farm and increased its stake to 99 percent.
Atlantic Power completed a $310 million construction financing facility and purchased 48 percent of the $470 million Canadian Hills project, about 20 miles (32 kilometers) west of Oklahoma City, according to a statement today.
Morgan Stanley arranged the financing, which included a $290 million construction loan and a $20 million, five-year line of credit, Atlantic Power said in the statement. The company bought a 51 percent stake in the project in February for $23 million and didn’t give a price for today’s purchase.
Apex Wind Energy Inc., based in Charlottesville, Virginia, is building the wind farm, which will use turbines from Repower Systems SE and Mitsubishi Heavy Industries Ltd. Apex owns the remaining 1 percent of the project.
The wind farm will produce enough power for more than 100,000 homes and is expected to go into operation by November, according to the statement.
American Electric Power Co.’s Southwestern Electric Power utility, Oklahoma Municipal Power Authority and Grand River Dam Authority will buy Canadian Hills’ electricity under long-term power-purchase agreements.