Algonquin Power Fund Buys Dynamis Assets

Algonquin Power Income Fund, a publicly traded Canadian trust, agreed to buy an electricity generating plant in California from the closely held Dynamis Inc. for C$79.5 million ($50.3 million). Algonquin also plans to buy some assets of the Sanger, California, plant from Viacom. An Algonquin spokesman Peter Campion declined to give details about the Viacom assets, which are part of a sale-lease agreement between the third biggest US media group and the Montreal based Dynamis. The price includes about C$30.8 million in assumed debt, Campion said. The natural gas and steam fuelled plant can produce as much as 43.5 megawatts, enough to power about 33,000 average homes in the state. The transaction, which is expected to close by May 1, will add about four Canadian cents a year to the fund's distributions to unit holders, Algonquin said.

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