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BlackRock Exclusive: The $1.1bn Power Plant Acquisition Explained

BlackRock-backed Capital Power Corporation, a Canadian independent power producer, has announced an agreement to acquire two natural gas-fired power plants in the United States for a total of $1.1 billion.

New York Offices. BlackRock-backed Capital Power expands its portfolio with the acquisition of US natural gas-fired power plants. PHOTO: CORBIS VIA GETTY IMAGES
New York Offices. BlackRock-backed Capital Power expands its portfolio with the acquisition of US natural gas-fired power plants. PHOTO: CORBIS VIA GETTY IMAGES

This strategic move will position Capital Power as one of the largest generators in North America. Under the terms of the deal, Capital Power will form a 50/50 partnership with BlackRock to purchase the Harquahala generating facility in Arizona.

In addition, the Canadian company will also acquire the La Paloma generating facility

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