February 17, 2011 / 1:17 PM / 7 years ago

UPDATE 1-Capital Power to buy 2 US-based facilities for $315 mln

* To buy two generating facilities from Brick Power

* Deal to add to earnings immediately

* Sees deal adding C$0.02-C$0.07 to EPS in first 2 yrs (Adds details)

Feb 17 (Reuters) - North American independent power producer Capital Power Corp said it agreed to buy two generating facilities from U.S.-based Brick Power Holdings for about $315 million, to expand its capacity.

The facilities, located in Rhode Island and Maine, are natural gas-fired combined cycle power generation units with a maximum combined capacity of 549 megawatts (mw).

Capital Power said the acquisition, which is scheduled to close in April, is expected to add 2-7 Canadian cents a share on average to its earnings over the first two years.

Following the buy, the company said it will have added about 1,500 mw of generating capacity since it went public in July 2009.

Capital Power aims to reach 10,000 mw of assets by 2020.

Edmonton, Alberta-based Capital Power’s shares closed at C$25.70 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Anne Pallivathuckal)

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