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FERC approves Capital Power acquisition of 795-MW Ala. plant

The Federal Energy Regulatory Commission on June 8 approved Capital Power Corp.'s acquisition of the 795-MW Decatur combined-cycle power plant in Morgan County, Ala., for US$441 million.

Under the transaction, Capital Power will acquire all the membership interests in Decatur Power Holdings LLC, which owns and operates the natural gas-fired facility, from LS Power Group. LS Power acquired the Decatur facility from Calpine Corp. in July 2014.

Decatur supplies all of its output to Tennessee Valley Authority under a 10-year power purchase agreement expiring in December 2022.

The acquisition, announced April 12, will reduce Capital Power's Alberta holdings to 53% from 74% at the end of 2016, CEO Brian Vaasjo said during the company's first-quarter earnings conference call on May 1. The purchase will boost the company's holdings in the U.S. more than four-fold to 26% of the total from 6%.

Capital Power recently closed an approximately C$183 million bought-deal offering of subscription receipts to help fund the Decatur acquisition, which is expected to close in June. (FERC Docket EC17-107)