Capital Power Corp., a Canadian power generation facilities developer, has agreed to purchase Goreway Power Station Holdings Inc., a natural gas power station operator, for $977 million.
The acquisition increases contracted adjusted earnings before interest, tax, depreciation and amortization and is immediately accretive to adjusted funds from operations per share.
Capital Power noted that the Goreway facility, owned by Goreway Power Station Holdings Inc., jointly owned by JERA Co. Inc., and Toyota Tsusho Corp., is a strategic fit to its growth plans.
Subject to regulatory approvals and other customary closing conditions, the deal is expected to close in the second quarter of 2019.