Capital Power Investments, Llc and BlackRock, Inc. (NYSE:BLK) in a 50/50 partnership entered into a definitive agreement to acquire New Harquahala Generating Company, LLC from CSG Investments, Inc. for approximately $780 million on November 20, 2023. In a separate transaction Capital Power Corporation agreed to acquire 1,062 MW La Paloma natural gas-fired generation facility in Kern County of CSG Investments, Inc. The net purchase price of the Acquisitions attributable to Capital Power is expected to be $1.1 billion (~$1.5 billion), subject to working capital and other customary closing adjustments. The transactions will be financed with concurrent CAD 400 million subscription receipt offering via a CAD 300 million public bought offering and a CAD 100 million private placement to AIMCo is expected to fully address Capital Power?s discrete equity funding for the acquisitions with the remaining funding plan preserving Capital Power?s strong financial flexibility and investment grade rating. Capital Power also financed theAcquisitions with the net proceeds from a public offering of $850 million principal amount of unsecured medium term notes in Canada which closed on December 15, 2023.The Acquisition is subject to the receipt of regulatory approvals including pursuant to filings made to the FERC and North American Electric Reliability Corporation and under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the satisfaction of other customary closing conditions. As of February 9, 2024, Federal Energy Regulatory Commission approval for the acquisition has been received and the closing of that acquisition is expected shortly, subject to normal closing conditions. TD Securities Inc. and J.P. Morgan are acting as financial advisors and Winston & Strawn LLP; and Eli Hunt, Christopher May, Katy Lukaszewski, Matthew Einbinder, Martha Kammoun, Andrew Blau, Kristy Fields, Marcy Geller, Krista McManus, Dennis Loiacono, Michael Isby and Steve DeLott of Simpson Thacher & Bartlett LLP are acting as legal advisors to Capital Power and BlackRock with respect to the Acquisitions. PEI Global Partners LLC is acting as sole financial advisor and White & Case LLP is acting as legal advisor to CSG Investments, Inc.

Capital Power Investments, Llc and BlackRock, Inc. (NYSE:BLK) in a 50/50 partnership completed the acquisition of New Harquahala Generating Company, LLC from CSG Investments, Inc. on February 16, 2024.