Harquahala Generating Station (1,092 MW, AZ) + La Paloma Generating Station (1,062 MW, CA) — natural gas fleet
Capital Power announced acquisition of La Paloma (1,062 MW CCGT, CA — 100% ownership) and Harquahala (1,092 MW CCGT, AZ — 50% via JV with BlackRock) on Nov 20, 2023, for combined ~$1.1B net. Separate closings: La Paloma Feb 9, 2024; Harquahala mid-Feb 2024.
$1.10B
Deal Value
2,154MW
Capacity
Natural Gas
Technology
AZ, CA
Location
Deal Details
- Deal Type
- Corporate M&A
- Buyer / Financier
- Capital Power
- Deal Value
- $1.1B
- Stage
- Operating
- ISO/RTO
- CAISO, WECC
- Source
- Capital Power
Capital Structure
$1.10B
Total transaction value
Tranches
- Subscription Receipts (public offering) · Capital Power
- $300M
- Subscription Receipts (private placement) · Alberta Investment Management Corporation (AIMCo)
- $100M
- Senior and Hybrid Corporate Debt
- —
Service Providers
Advisory & Legal
- Buyer Financial Advisor
- TD Securities; J.P. Morgan
- Buyer Counsel
- Winston & Strawn; Simpson Thacher & Bartlett
- Seller Financial Advisor
- PEI Global Partners
- Seller Counsel
- White & Case
Related Deals
11-project 1,171 MW operating solar portfolio across 8 states
Global Atlantic Financial Group → Onward Energy (Capital Power-managed)
Undisclosed (estimated >$1B)
Nolin Hills
Element Power → Capital Power
$69M
Bloom Wind
Capital Power → Goldman Sachs
178.2 MW
WGL Holdings — Washington Gas Light + non-regulated power/marketing/midstream
AltaGas Ltd.
C$8.4B (~$6.4B USD; $88.25/share cash)
TerraForm Power 51% + TerraForm Global 100% (out of SunEdison Ch.11)
Brookfield Asset Management
$2.49B ($1.7B TERP 51% @ $11.46/sh + $787M TERG)
8point3 Energy Partners — 944 MW solar yieldco of First Solar+SunPower JV
Capital Dynamics
$977M ($12.35/share)
Get deals like this in your inbox
Free weekly clean energy deal intelligence. Every Monday.