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Canadian Utilities to acquire 35-MW hydroelectric plant in Mexico

Canadian Utilities Ltd. agreed to acquire Electricidad del Golfo, which owns a 35-MW hydroelectric facility in Veracruz, Mexico, from Conduit Capital Partners LLC.

The facility started operations in 2014 and supplies output under a long-term power contract. The ATCO Ltd. subsidiary will purchase the facility for about US$114 million, subject to customary conditions.

"The acquisition continues to cement ATCO's position in the recently reformed Mexican energy market, and is an important step as the company further develops a flexible and diverse portfolio of electricity assets to meet the evolving needs of its customers," ATCO said in a Dec. 21 release.

The deal is expected to close in the first quarter of 2018.

Conduit, a New York-based private investment firm, also is planning to begin the sale process for a 22-MW wind farm in Monterrey, Mexico, in 2018.

BNP Paribas acted as exclusive financial adviser to Conduit on the sale.