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FERC approves Atlantic Power's purchase of 2 biomass plant stakes from AltaGas

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FERC approves Atlantic Power's purchase of 2 biomass plant stakes from AltaGas

The Federal Energy Regulatory Commission has approved Atlantic Power Corp.'s proposed purchase of ownership interests in two contracted biomass power facilities from AltaGas Power Holdings (U.S.) Inc. for $20 million.

The transaction includes a 50% stake in the 48-MW Craven County Wood Energy facility in North Carolina and a 30% stake in the 37-MW Grayling plant in Michigan. AltaGas owns 50% of the Craven facility and 30% of Grayling.

CMS Energy Corp. owns 50% interests in each plant, while Fortistar LLC owns a 20% stake in the Grayling plant, according to an Aug. 1 FERC filing.

The Craven County facility sells electricity to Duke Energy Corp. subsidiary Duke Energy Progress LLC and the Grayling facility sells power to CMS Energy subsidiary Consumers Energy Co. under two separate power purchase agreements, which run through December 2027.

AltaGas Power is a subsidiary of AltaGas Ltd. (FERC docket EC19-95)