Atlantic Power to Sell to I Squared Capital for $961 Million

January 14, 2021

Cleary Gottlieb is representing Atlantic Power Corporation (Atlantic Power) in its announced sale to infrastructure funds managed by I Squared Capital.

Atlantic Power’s outstanding common shares and convertible debentures, and the outstanding preferred shares and medium-term notes of certain of its subsidiaries, will be acquired by I Squared Capital. The total enterprise value of the deal is approximately $961 million (based on current foreign exchange rates). The transaction, which was unanimously approved by Atlantic Power’s board of directors, based on the unanimous recommendation of a committee of independent directors, is expected to close in the second quarter of 2021.

Atlantic Power is an independent power producer with operations in 11 U.S. states and two Canadian provinces. I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, digital infrastructure, transport, and social infrastructure in the Americas, Europe, and Asia, with over $24 billion in assets under management.

For more information, see the press release here.