Atlantic Power Corp., the independent electricity producer, bought a minority stake in 11 wind farms under construction in Idaho for about $40 million.
Atlantic Power used cash and $20 million from a senior credit facility to pay for a 27 percent interest in joint venture Idaho Wind Partners 1, the Boston-based company said in a statement. The power-generating sites will have a capacity of 183 megawatts.
Atlantic Power’s investment follows General Electric Co.’s acquisition of a majority stake in Idaho Wind last week. Project manager Reunion Power LLC of New Jersey and Montana-based developer Exergy Development Group own minority stakes.
Fagen Inc. began building the project this month near the towns of Hagerman and Burley. Commercial operations are slated to start by the end of this year, and utility Idaho Power Co. has agreed to purchase the output from the wind farms under a 20-year contract.
The wind-farm cluster will use 122 of GE’s 1.5-megawatt turbines, and the Fairfield, Connecticut-based company will provide operational and maintenance services for seven years.